After a three-week decline, Vietnam’s petrol prices began to rebound on Thursday afternoon. The nation’s widely used fuel, RON95, experienced a 0.91% increase, bringing it to VND19,900 (US$0.76) per litre.
Alongside the price increase of RON95, Biofuel E5 RON92 also experienced a slight uptick of 0.47%, settling at VND19,220 per litre. Conversely, the price for diesel dropped by 0.97% to VND18,420 per litre.
Several factors have influenced the global petroleum market over the past week. One key element was the announcement by OPEC+ of their plan to increase oil production for the month of November. While the increase was lower than initially expected, it still made significant waves in the market.
In addition to OPEC+’s decision, weakening worldwide demand for oil and ongoing issues in Ukraine both had an impact on fuel prices. Specifically, the continued escalation of attacks on Russia’s energy infrastructure by Ukraine has added instability to the market.
On a global scale, RON95 saw an increase of 0.9%, bring its price to $79. Diesel prices, however, went in the opposite direction, falling by 1.4% to a price of $86.5.
What caused the increase in Vietnam’s fuel prices?
The rise in prices was influenced by several factors including OPEC+’s announcement of increased oil production for November and ongoing geopolitical issues in Ukraine.
Did all fuel prices in Vietnam increase?
No, while the prices for RON95 and Biofuel E5 RON92 increased, the price for diesel actually dropped by 0.97% to VND18,420 per litre.
How did global oil prices change?
Globally, the price for RON95 increased by 0.9% to $79, whereas diesel prices fell by 1.4% to $86.5.
