Tuesday , April 30 2024

Fuel prices plunge to four-month low


RON95 gasoline and diesel prices on Thursday afternoon both dropped to the lowest since July 21.

The popular fuel RON95 fell 1.89% to VND22,320 ($0.92) per liter in its third straight decline.

Biofuel RON92 declined by 2.29% to VND21,290.

Diesel dropped 2.76% to VND19,720 in its fourth decrease in a row.

Oil prices fell nearly 4% on Wednesday to their lowest settlements since June, as worries about global fuel demand mounted after U.S. data showed a larger-than-expected rise in gasoline inventories, Reuters reported.

Brent crude futures settled down $2.90, or 3.8%, at $74.30 a barrel. U.S. WTI crude futures fell by $2.94, or 4.1%, to $69.38 a barrel.

U.S. gasoline stocks rose by 5.4 million barrels last week, the Energy Information Administration said, more than quintuple the 1 million-barrel rise that analysts had expected. U.S. gasoline futures plummeted to their lowest in two years.

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