Gasoline and oil prices afternoon of June 5: Global oil prices all fell today
World oil prices today reversed and fell as investors expect the conflict between the US-Israel and Iran to cool down soon, thereby paving the way for the restoration of transport activities through the Strait of Hormuz. This optimistic sentiment emerged after Israel and Lebanon reached a ceasefire agreement.
Israel and Lebanon said the two sides agreed to implement a ceasefire, raising hopes for a deal between Washington and Tehran. Previously, Iran stated that any agreement would be partly dependent on an end to fighting between Israel and Hezbollah.
The market once again placed expectations on the possibility of the conflict being resolved soon, while concerns about supply were almost ignored.
Ship traffic through the Strait of Hormuz remains almost at a standstill. However, some ships have begun moving back near the Persian Gulf, which could be a signal that this strategic waterway will soon be reopened.
Although oil prices fell sharply, some experts still believe that supply risks have not completely disappeared. Oil prices are likely to still trend upward if supply flows continue to be disrupted.
Regarding the long-term outlook, the Organization of the Petroleum Exporting Countries (OPEC) still maintains its global oil demand growth forecast. Speaking at the St. Petersburg International Economic Forum, OPEC Secretary General Haitham Al Ghais said the organization still expects oil demand to grow strongly despite the conflict in the Middle East and the blockage of the Strait of Hormuz in recent times.
Domestic gasoline and oil prices
From 3:00 PM on June 4, the price of E5 RON92 gasoline decreased by 1,474 VND/liter, not exceeding 21,784 VND/liter. Diesel price decreased by 785 VND/liter, not exceeding 26,866 VND/liter. Mazut oil price decreased by 797 VND/kg, not exceeding 19,645 VND/kg.
Meanwhile, the price of E10 gasoline listed by the Vietnam Petroleum Group (Petrolimex) is as follows: E10 RON95-V gasoline: 23,230 VND/liter (region 1) and 23,690 VND/liter (region 2); E10 RON95-III gasoline is 22,330 VND/liter (region 1) and 22,770 VND/liter (region 2).
Thus, the prices of E10 RON95-V and E10 RON95-III both decreased by 1,330 VND/liter.
In this adjustment period, the Ministry of Industry and Trade - Ministry of Finance allocated the gasoline and oil price stabilization fund (temporarily advanced from the state budget) with bio-gasoline at 500 VND/liter; diesel at 300 VND/liter; mazut at 300 VND/kg.
At the same time, the regulatory agency decided not to use the gasoline and oil price stabilization fund.
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