Vietnam gasoline prices fall amid expected slower growth in global demand

By Phuong Dung November 14, 2024 | 06:04 am PT

An employee operates a a fuel dispenser at a fuel station in Ho Chi Minh City. Photo by VnExpress/Dinh Van

Gasoline and diesel prices both fell slightly Thursday afternoon after OPEC cuts global fuel demand growth forecast for 2024 and 2025.

The popular fuel RON95 dropped 1.20% to VND20,600 ($0.81) per liter.

Biofuel E5 RON92 fell 1.45% to VND19,450.

Diesel declined by 1.80% to VND18,570.

On Wednesday OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China, Bloomberg reported.

Apart from OPEC's decision, regulators said that fuel prices in the last seven days were affected by strengthening U.S. dollar, and ongoing conflicts in the Middle East and between Russia and Ukraine.

Gasolines fell by 1.6-2.2% in the period, while oils dropped 2-3%.

RON95 is now priced at $84.1 per barrel, and diesel $88.6.