Fuel Prices on the Rise

The cost of popular fuel RON95 has surged by 1.99% over the past week, reaching VND21,000 per liter. Similarly, biofuel E5 RON92 witnessed a 1.91% increase, now priced at VND20,240 per liter. Diesel fuel also jumped 2.63% to VND18,730 per liter.

Geopolitical Influences

The recent escalation in fuel prices can be attributed to several geopolitical factors. The European Union's adoption of the 15th package of sanctions against Russia, a key member of OPEC+, has significantly impacted global fuel markets. Additionally, ongoing conflicts in the Middle East and between Russia and Ukraine have further strained supply chains and driven prices upward.

Market Trends

Over the past period, RON95 prices have increased by 2.5-2.6%, while oil prices have seen a rise of 2.6-3.1%. Currently, RON95 stands at $86.2 per barrel, and diesel at $89.6 per barrel.