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Sunday, June 23, 2024

Oil prices inch down

The Saigon Times

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HCMC – Gasoline prices were revised down by VND630-650 a liter today, March 21, while diesel oil was priced VND1,630 lower per liter, all far below earlier forecast of a price drop of some VND2,000 per liter.

Specifically, the E5 RON92 gasoline price was reduced by VND650, the RON95 was VND630 lower, while other oil products were priced VND560-1,670 lower per liter or kilo, according to a document jointly issued by the Ministries of Finance and Industry and Trade.

As such, after the price revision, E5 RON92 now sells for VND28,330 a liter, RON95 VND29,190, diesel oil VND23,630, kerosene VND22,240, and fuel oil VND20,420. This is the first cut of oil prices after six consecutive price increases since early this year.

The two ministries stated that the global oil prices over the past ten days tumbled by between 7.3% and 15.7%, but oil prices tended to increase again in the past couple of days. The local price adjustment is not aligned to global price movements to allow for a larger room for price maneuver in the coming time.

In addition, the ministries also decided to lower the price subsidy from the national oil price stabilization fund, easing the pressure on the fund that has seen deficit at many major oil traders.

The environment tax on oil products still applies, at VND3,800-4,000 per liter of gasoline and VND1,000-2,000 per liter of other oil products. However, the National Assembly Standing Committee will mull halving this tax at a sitting on March 23, and this tax reduction if passed will take effect on April 1, meaning oil prices will likely be lowered at the next adjustment.

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