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E10 RON95 dropped 5.93% to VND20,750 (US$0.79) per liter. Biofuel E5 RON92 declined 5.67% to VND20,120. Diesel fell 9% to VND23,530.
The Ministry of Industry and Trade and the Ministry of Finance said global petroleum markets in recent days have been affected by the United States and Iran signing a memorandum of understanding on a peace agreement to end their conflict and reopen the shipping route through the Strait of Hormuz.
These factors have driven global fuel prices lower than seven days earlier. The price of RON92 gasoline fell 7.28% to $107.9 per barrel. Similarly, RON95 declined to $110.9 per barrel. Diesel prices dropped 12.9%, while fuel oil fell 14.7%.
More than 17,000 gas stations in Vietnam had switched from RON95 to E10 RON95 gasoline as of June 1, according to official data. By June 15, the country had consumed 520 million liters of biofuels, including E5 and E10, of which E10 accounted for about 485 million liters, or more than 93%.
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An employee refills a car at a fuel station in HCMC. Photo by VnExpress/Quynh Tran |
Automobile and motorcycle manufacturers and assemblers have confirmed that most vehicle models in Vietnam are compatible with E10 gasoline, except for a small number of very old vehicles.
Authorities and key petroleum traders have not recorded any incidents, complaints or official reports concerning fuel quality or vehicle damage caused by E5 and E10 gasoline.
Half of key petroleum traders have now invested in biofuel blending systems, with seven companies licensed to operate and a combined capacity of about 1.1 million cubic meters per month. Together with the Dung Quat Refinery, production capacity for E5 and E10 is broadly sufficient to meet nationwide demand.
