The price of RON 95-III petrol decreased by VND 1,210 (approximately USD 0.05) to VND 19,900 per litre (approximately USD 0.78), while E5 RON 92 dropped by VND 1,090 (approximately USD 0.04) to VND 19,440 per litre (approximately USD 0.76). After the adjustment, domestic petrol prices returned to levels seen in early June.
Similarly, diesel and oil products saw reductions of VND 930 to VND 1,150 (approximately USD 0.04 to USD 0.05) per litre. Diesel dropped by VND 940 (approximately USD 0.04) to VND 18,400 per litre (approximately USD 0.72), while kerosene and mazut are now priced at VND 18,130 (approximately USD 0.71) and VND 15,800 (approximately USD 0.62) per litre, respectively.
This marks the second consecutive decrease in domestic RON 95 petrol prices following five straight increases. The current price is among the lowest in four years, similar to levels recorded in June 2021. Since the beginning of the year, RON 95 has seen 15 increases and 13 decreases. Diesel has been adjusted up 14 times and down 13 times.
According to the Ministry of Industry and Trade, global oil prices over the past week were influenced by several factors, including OPEC+ plans to increase output in August, Iran’s suspension of cooperation with the International Atomic Energy Agency, and a rise in US crude oil inventories.
These geopolitical and economic developments have driven global fuel prices downward. The average price of RON 95 petrol fell 7.7 per cent to USD 79.6 per barrel, while kerosene and diesel prices dropped between 5.9 and 9.1 per cent per barrel.
