Gasoline price drops sharply by 1,250 VND/liter

Business

Thursday, May 4, 2023 14:24 (GMT+7)
4 minutes ago

From 3:00 p.m. on May 4, E5 RON 92 gasoline decreased by VND1,250/liter, RON 95 gasoline decreased by VND1,310/liter. Since the beginning of the year, the price of this item has increased 7 times, decreased 5 times and remained unchanged once.

Gasoline prices dropped sharply right after the April 30-May 1 holiday. Photo: Pham Thang .

Because the adjustment period on May 1 coincides with a holiday, according to the provisions of Decree 95, the time for adjusting gasoline prices will be postponed to the next working day, which is today (May 4).

Accordingly, the regulatory agency decided to reduce the price of E5 RON 92 gasoline by VND1,250 per liter, while that of RON 95 gasoline decreased by VND1,310 per liter. After adjustment, the maximum retail price of E5 RON 92 gasoline is VND21,430 per liter and that of RON 95 gasoline is VND22,320 per liter.

Similarly, oil prices were also adjusted down in this adjustment. Specifically, diesel prices decreased by VND1,140 to VND18,260/liter, and kerosene prices decreased by VND960 to VND18,520/liter.

Thus, domestic gasoline prices have fallen sharply for the second consecutive time. Since the beginning of the year, this commodity has increased 7 times, decreased 5 times and remained unchanged once. Currently, the room for gasoline price stabilization funds of some key enterprises continues to be large. Of which, as of April 21, Petrolimex was positive 2,633 billion VND , PVOil was negative 266 billion VND , Saigon Petro was positive 315 billion VND , Petimex was positive 417 billion VND ...

RECENT GAS PRICE DEVELOPMENTS

Label		1/8	11/8	8/22	5/9	12/9	3/10	11/10	10/21	1/11	11/11	11/21	1/12	12/12	12/21	1/1/2023	3/1	11/1	30/1	13/2	21/2	1/3	13/3	3/21	3/4	11/4	April 21	4/5
E5 RON 92	VND/liter	24620	23720	23720	23350	22230	20730	21290	21490	21870	22710	22670	21670	20340	19970	21020	21350	21350	22320	22860	22540	22420	22800	22020	22080	22880	22680	21430
RON 95		25600	24660	24660	24230	24230	21440	22000	22340	22750	23860	23780	22700	21200	20700	21800	22150	22150	23140	23760	23440	23320	23810	23030	23120	23930	23630	22320

In the world crude oil market, oil prices fell 4% after the US Federal Reserve (Fed) raised the basic interest rate by 0.25 percentage points and due to concerns about the economy.

At the close of trading on April 3, Brent oil price dropped to 72.33 USD /barrel - the lowest price of this commodity since December 2021. Similarly, WTI oil price decreased by 3.06 USD , equivalent to 4.3%, to 68.6 USD /barrel.

"Oil prices are in free fall amid a challenging macroeconomic environment, widespread panic in the banking system and concerns about the Fed tightening policy too much," Edward Moya, senior market analyst at US-based consulting firm Oanda, told Zing .

In 2023, the world economy is forecast to continue to fluctuate and cannot recover quickly. Many major economies still face risks such as slow GDP growth, inflation, unemployment, bad debt, etc. Zing readers are invited to read the 2023 Economic Bookshelf to grasp new economic knowledge and information in 2023.

Thanh Thuong

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