Update on gasoline and oil prices on June 22: Deep reduction

WTI oil price was at 74.53 USD/barrel, down 1.32 USD/barrel, equivalent to a decrease of 1.74%. Brent oil was at 78.03 USD/barrel, down 2.02 USD/barrel, equivalent to a decrease of 2.52%.

World oil prices fell sharply in the trading session on June 22 after the round of negotiations between the US and Iran in Switzerland ended. This move helps ease concerns about global supply shortages as Iran announced that it has achieved immunities for energy export activities.

Regarding the diplomatic process between the US and Iran, senior officials from both sides concluded the first round of negotiations based on a memorandum to extend the current ceasefire by at least 60 days.

The Iranian side confirmed that it has ensured immunity measures for oil and petrochemical exports, opening up opportunities for normalizing trade. This diplomatic breakthrough may allow about 1.5 million barrels of Iranian crude oil/day to return to the international market. This additional supply will significantly improve the supply-demand picture in the context that consumption growth is still moderate.

The selling prices of popular consumer gasoline and oil items on the market on June 22 are as follows:

- E5 RON 92 gasoline: not higher than 20,126 VND/liter, lower than E10 RON 95-III gasoline by 627 VND/liter;

- E10 RON 95-III gasoline: not higher than 20,753 VND/liter;

- Diesel oil 0.05S: not higher than 23,534 VND/liter;

- 180CST 3.5S mazut oil: not higher than 16,680 VND/kg.