Significant Drop in Fuel Prices

RON95 experienced a notable decrease of 5.73%, settling at VND19,900. Similarly, Biofuel E5 RON92 saw a reduction of 5.31% to VND19,440, and Diesel prices fell by 4.86% to VND18,400.

Factors Influencing the Market

The past week's fuel prices have been shaped by a combination of factors including OPEC+'s plans to augment oil production in August, Iran's decision to halt cooperation with the International Atomic Energy Agency, and an uptick in U.S. crude oil inventories, as reported by the Ministry of Industry and Trade.

Global Impact

These geopolitical and economic shifts have contributed to a downward trajectory in global fuel prices, with the average cost of a barrel of RON 95 gasoline decreasing by 7.7% to $79.62, and diesel prices dropping by 5.9% to $86.93 per barrel.