Vietnam lowers retail gas prices more than 4%

  • Gasoline prices fell for the second time in a row after four consecutive hikes over the last two months.
  • The government lowered the price of RON95 gasoline 4.54% to VND22,700 per litre.
  • E5 RON92 dropped 4.41% to VND21,670.
  • Regulators also slashed Diesel to VND23,210, down 6.41%.
  • Global rates have dropped 6-11% in the last 10 days due to the intensifying Covid-19 situation in China.
  • The market is also bracing itself for the impact of European sanctions on Russian oil, cited analysts as saying.
  • At the same time, US crude oil output surpassed 12mn barrels a day, the most since before the onset of the coronavirus pandemic, according to the country’s Energy Information Administration.
  • The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, is scheduled to meet virtually on 4 Dec.
  • The decision to hold its meeting virtually signals little likelihood of a policy change, as the group assesses the impact of the looming Russian oil-price cap on the market.

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