The Ministry of Finance and the Ministry of Industry and Trade have just adjusted the retail price of gasoline and oil in the adjustment period today (July 18). The application time is from 3:00 p.m. on July 18, 2024.
Specifically, the price of E5 RON 92 gasoline decreased by VND108/liter to VND22,174/liter; RON 95 gasoline decreased by VND116/liter to VND23,178/liter.
The price of 0.05S diesel oil decreased by 330 VND/liter, down to 20,504 VND/liter; Kerosene decreased by 374 VND/liter, down to 20,664 VND/liter; Madut oil 180CST 3.5S decreased by 173 VND/kg, down to 17,611 VND/kg.
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| Gasoline prices today, July 18, 2024: Gasoline prices decreased for the second consecutive time. Photo: Thanh Tuan |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
According to the Ministry of Industry and Trade, the average price of finished petroleum products in the world between the price adjustment period on July 11, 2024 and the adjustment period on July 18, 2024 is: 92.73 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (down 0.614 USD/barrel, equivalent to a decrease of 0.66%); 97.15 USD/barrel of RON95 gasoline (down 0.614 USD/barrel, equivalent to a decrease of 0.63%); 98.606 USD/barrel of kerosene (down 2.168 USD/barrel, equivalent to a decrease of 2.15%); 99.308 USD/barrel of 0.05S diesel oil (down 1.906 USD/barrel, equivalent to a decrease of 1.88%); 514,498 USD/ton of 180CST 3.5S fuel oil (down 6,246 USD/ton, equivalent to a decrease of 1.2%).
On the world market, at 6:00 a.m. on July 18, Brent oil price was trading at 85.08 USD/barrel, up 1.35 USD compared to the previous session. Meanwhile, WTI oil price was at 82.85 USD/barrel, up 2.09 USD/ounce.
Oil prices rose as crude inventories in the United States, the world's largest producer and consumer of oil, fell. Data from the American Petroleum Institute (API) showed that U.S. crude inventories fell by 4.4 million barrels last week, 2.5 times more than the previous week's decline and much higher than analysts' forecasts for a 33,000-barrel decline.
In addition, expectations that the US Federal Reserve will cut interest rates in the third quarter also supported oil prices. Fed Chairman Jerome Powell said on July 15 that three US inflation readings in the second quarter "provided some confidence" that price growth was returning to the Fed's 2% target on a sustainable basis.
The comments suggest that a Fed rate cut may not be far off. Lower interest rates mean lower borrowing costs, which could boost economic activity and oil demand.
Previously, on July 11, the price of E5 RON92 gasoline decreased by 179 VND/liter, not higher than 22,282 VND/liter. The price of RON95 gasoline decreased by 258 VND/liter, not higher than 23,294 VND/liter.
Diesel price decreased by 342 VND/liter, down to 20,834 VND/liter. Kerosene price decreased by 178 VND/liter, not higher than 21,038 VND/liter. Fuel oil price increased by 250 VND/kg, not higher than 17,784 VND/kg.
During this period, the Ministry of Finance and Industry and Trade continued not to set aside or use the price stabilization fund for all goods.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-1872024-gia-xang-dau-giam-lan-thu-2-lien-tiep-333179.html
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