Significant Drop in Fuel Prices

In a remarkable turn of events, the price of the popular fuel RON95 has plummeted by 8.2% to VND19,200 (US$0.74) per liter, marking the lowest rate since May 2021. Similarly, Biofuel E5 RON92 has seen a decrease of 7.3% to VND18,880, and diesel prices have dropped by 6.7% to VND17,240.

Factors Influencing the Market

Regulators have pointed to several key factors affecting the global oil market over the past week. Notably, an increase in the U.S.' crude oil inventories and the announcement of a 10% tariff on all imports have played significant roles. These developments have led to a substantial decrease in fuel prices, with RON95 falling by 11.2% to $75.3 per barrel and diesel prices declining by approximately 9% to $79.5.