At 6:33 PM on July 12, world oil prices simultaneously decreased. WTI oil price was at 71.41 USD/barrel, down 0.67 USD/barrel, equivalent to a decrease of 0.93%. Brent oil was at 76.01 USD/barrel, down 0.29 USD/barrel, equivalent to a decrease of 0.38%. Overall over the past week, WTI oil price increased by 3.82%; Brent oil price increased by 5.39%.
Oil prices are affected as US-Iran tensions continue to increase supply risks in the Middle East. Accordingly, the US-Iran conflict is escalating, while operations across the Strait of Hormuz have not yet returned to normal. However, technical negotiations between the two sides are still maintained, helping the market expect the risk of a full-scale war has not yet occurred.
In the price adjustment period last week, the Ministry of Industry and Trade said that the world gasoline and oil market is affected by key factors such as: the US and Iran continue to retaliate against each other; some oil tankers continue to be attacked in the Strait of Hormuz; OPEC+ agreed to increase oil production from August; military conflict between Russia and Ukraine continues, Ukraine focuses on attacking Russian oil refineries; Russia bans diesel oil exports...
Domestic gasoline and oil prices on July 12 are applied at the following level:
- E5 RON 92 gasoline: not higher than 19,191 VND/liter, 812 VND/liter lower than E10 RON 95-III gasoline;
- E10 RON 95-III gasoline: not higher than 20,003 VND/liter;
- Diesel oil 0.05S: not higher than 21,745 VND/liter;
- Fuel oil 180 CST 3.5S: not higher than 13,735 VND/kg.
Regarding domestic gasoline and oil prices, a representative of a business said that in the price adjustment period next week, gasoline prices may simultaneously decrease by about 100 - 500 VND/liter. Meanwhile, oil prices may reverse to increase slightly. However, this business also noted that the specific adjustment level also depends on the provision and use of the gasoline and oil price stabilization fund.
Gasoline and oil selling prices of neighboring countries Vietnam:
- Regarding gasoline prices: Thailand: 27,678 VND/liter (Government subsidies); Cambodia: 25,738 VND/liter (Government subsidies); Laos: 35,688 VND/liter; China: 29,175 VND/liter (Government price control); Vietnam: 20,003 VND/liter.
- Regarding oil prices: Thailand: 27,678 VND/liter (Government subsidies); Cambodia: 26,715 VND/liter; Laos: 30,480 VND/liter; China: 26,234 VND/liter (Government price control); Vietnam: 21,745 VND/liter.
Vietnam's gasoline and oil prices are currently lower than those of countries sharing a common border.
