At 7:15 PM on July 13, world oil prices simultaneously increased. WTI oil price was at 73.97 USD/barrel, up 2.56 USD/barrel, equivalent to an increase of 3.58%. Brent oil was at 78.87 USD/barrel, up 2.86 USD/barrel, equivalent to an increase of 3.76%.
World oil prices rose sharply in the first trading session of the week as military tensions between the US and Iran escalated again, raising concerns about the risk of disruption of energy supplies through the Strait of Hormuz.
The market remains cautious, as the increase at the beginning of the week is assessed as not reflecting the worst-case scenario. Many investors believe that this is just an escalation in a fragile ceasefire, rather than the complete collapse of the peace process.
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 13th 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 regulation period next week, gasoline prices may simultaneously decrease by about 50 - 100 VND/liter. Meanwhile, oil prices may increase. However, this business also noted that the specific regulation level 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.
