Update on gasoline and oil prices on June 16: Strong fluctuations

WTI oil price is at 77.60 USD/barrel, down 3.15 USD/barrel, equivalent to a decrease of 3.90%. Brent oil is at 80.48 USD/barrel, down 2.69 USD/barrel, equivalent to a decrease of 3.23%.

Oil prices fell more than 3% on Tuesday, to a three-month low, as the market considers the prospect of resuming supply through the Strait of Hormuz along with weaker real demand and little information about a preliminary agreement to end the war with Iran.

According to Iranian Foreign Minister Abbas Araqchi, Iran and the US will begin a new round of negotiations in Switzerland on Friday to reach a final agreement.

Previously, the conflict led to the closure of the Hormuz Strait, which usually transports about one-fifth of global oil. So far, very few oil tankers have crossed the strait since the framework agreement was announced, although the ships have secretly transported oil barrels along the Oman coast for weeks, moving "secretly" with US Navy support. Ship owners are waiting for safety assurances to cross the strait, including mine clearance.

Regarding domestic gasoline and oil prices, a representative of a business said that in this week's operating period, gasoline and oil prices may simultaneously decrease sharply from 500 - 2,000 VND/liter.

The selling prices of popular consumer gasoline and oil items on the market on June 16 are as follows:

- E5 RON92 gasoline: not higher than 21,332 VND/liter;

- E10 RON95-III gasoline: Zone 1 at 22,060 VND/liter; Region 2 is at 22,500 VND/liter.

- E10 RON95-V gasoline: Zone 1 at 22,960 VND/liter; Region 2 is at 23,410 VND/liter.

- Diesel oil 0.05S: not higher than 25,877 VND/liter;

- 180CST 3.5S fuel oil: not higher than 18,608 VND/kg.