Vietnam lowers retail gas prices more than 4%

The government lowered the price of RON95 gasoline 4.54% to VND22,700 per liter.

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, Reuters cited analysts as saying.

At the same time, U.S. crude oil output surpassed 12 million 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 Dec. 4.

The decision to hold its meeting virtually signals little likelihood of a policy change, sources told Reuters on Wednesday, as the group assesses the impact of the looming Russian oil-price cap on the market.