Update on gasoline and oil prices on May 6th: Reduced by more than 10%

At 6:49 PM on May 6, world oil prices continued to extend the decline in the previous trading session. Accordingly, WTI oil price was at 91.88 USD/barrel, down 10.39 USD/barrel, equivalent to a decrease of 10.16%. Brent oil was at 99.57 USD/barrel, down 10.30 USD/barrel, equivalent to a decrease of 9.37%.

WTI and Brent oil prices are recording the largest absolute drop in the past month and hitting a two-week low, after falling about 4% in the previous trading session. Oil prices fell sharply after a source from Pakistan said that the US and Iran are moving closer to an initial peace agreement.

Regarding domestic gasoline and oil prices, a representative of a domestic enterprise predicted that in tomorrow afternoon's price adjustment period (May 7), there may be opposite fluctuations, in which diesel prices may slightly decrease by about 600-800 VND/liter. According to this person, this forecast does not include the gasoline and oil price stabilization fund and other fees, if there are changes.

Previously, in the context of the tense conflict in the Middle East, the Ministry of Industry and Trade directed domestic oil refineries, including Nghi Son Refinery and Binh Son Refinery, to operate at maximum capacity, maintaining output at the highest possible level to ensure supply for the domestic market. At the same time, businesses will proactively adjust input material import plans, diversify supply sources, and avoid dependence on a specific region, especially the Middle East region.

In addition, market management tools will be used synchronously. The gasoline and oil price stabilization fund will be operated flexibly, capable of adjusting the amplitude of increase and decrease in the short term to limit the impact of world price fluctuations. The Ministry of Industry and Trade will also coordinate with the Ministry of Finance to consider adjusting a number of related taxes such as environmental protection tax, import tax, value-added tax... according to its authority to support market stability.

Regarding macroeconomic impact control, the Ministry of Industry and Trade coordinates with relevant ministries and sectors to prioritize ensuring supply for essential goods, especially fuels for production such as gasoline and diesel. At the same time, market forecasting and information provision will be strengthened to ensure transparency, contributing to stabilizing market sentiment and limiting negative impacts on the economy.