Gasoline price drops sharply from 1,288-1,411 VND/liter; oil price also drops

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 (May 9). The application time is from 3:00 p.m. on May 9, 2024.

Today's gasoline prices, from 3:00 p.m. on May 9, each liter of E5 RON 92 gasoline decreased by VND1,288, RON 95 gasoline decreased by VND1,411; oil prices also decreased sharply.

Specifically, the price of E5 RON 92 gasoline decreased by VND1,288/liter to VND22,623/liter; RON 95 gasoline decreased by VND1,411/liter to VND23,544/liter.

Diesel 0.05S: Decreased by VND 759/liter to VND 19,847/liter; Kerosene decreased by VND 843/liter to VND 19,701/liter.

Madut 180CST 3.5S oil also decreased by 160 VND/kg, down to 17,503 VND/kg.

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 situation of world finished petroleum product prices between the price adjustment period on May 2, 2024 and the adjustment period on May 9, 2024 is: 94.126 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (down 7.217 USD/barrel, equivalent to a decrease of 7.12%); 98.380 USD/barrel of RON95 gasoline (down 7.373 USD/barrel, equivalent to a decrease of 6.97%); 94.538 USD/barrel of kerosene (down 4.825 USD/barrel, equivalent to a decrease of 4.86%); 95.964 USD/barrel of 0.05S diesel oil (down 4.321 USD/barrel, equivalent to a decrease of 4.31%); 514,680 USD/ton of 180CST 3.5S fuel oil (down 5,575 USD/ton, equivalent to a decrease of 1.07%).

On the world market, gasoline prices today, May 9, showed signs of recovery. Data from Oilprice showed that at 8:31 a.m. on May 9 (Vietnam time), Brent oil price was listed at 83.77 USD/barrel, up 0.22% compared to the previous session. WTI oil price was at 79.24 USD/barrel, up 0.32% compared to the previous session.

Oil prices have been under pressure as supply concerns appear to be easing, analysts said. Traders said tensions in the Middle East have little impact on supplies in the short term, while mediators are still trying to broker a ceasefire between Israel and Hamas.

However, investors are also cautious about supply cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) ahead of a policy meeting on June 1. Some analysts expect short-term demand to remain well supported and oil prices to limit their decline.

In the most recent gasoline price adjustment (May 2), the price of RON 95 gasoline was adjusted up slightly, the price of E5 RON gasoline remained the same, and oil products (except fuel oil) decreased by 110-140 VND. Specifically, the price of E5 gasoline remained the same at 23,910 VND/liter. The price of RON 95 gasoline increased by 40 VND/liter, the selling price increased to 24,950 VND/liter.

Meanwhile, diesel price decreased by 110 VND/liter, selling price down to 20,600 VND/liter. Similarly, kerosene price decreased by 140 VND/liter, selling price down to 20,540 VND/liter.

Also 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.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-952024-xang-giam-manh-tu-1288-1411-donglit-gia-dau-cung-giam-319115.html