Vietnam Fuel Prices Dip Amid Global Oil Price Slump
On August 14th, the global oil market saw a significant drop in prices. The West Texas Intermediate (WTI) crude oil price fell to $81.08 per barrel, down $1.69 from the previous day's price of $82.77. This represents a decrease of approximately 2.04%. Brent crude oil also declined, reaching $87.00 per barrel and marking a drop of $1.55 or around 1.75%.
The downward trend in global oil prices had an impact on domestic fuel prices in Vietnam. As of August 14th, the retail gasoline and diesel prices were adjusted downwards from the previous day's price. E5 RON 92-II gasoline, for instance, decreased by nearly 500 VND per liter at Petrolimex Region 1.
The Ministry of Industry and Trade in Vietnam bases its pricing primarily on the average price of refined petroleum products worldwide throughout the cycle, exchange rates, and other factors. During the past period, despite strong increases in WTI and Brent crude oil prices at the beginning of the week, the average price of refined gasoline and diesel products remained lower than the previous period.
The next scheduled adjustment for domestic fuel prices is expected to be on Thursday, August 20th, 2026. If the downward trend in global oil prices continues, it could lead to a decline in international refined petroleum product prices, which might result in further price reductions in Vietnam. However, this is still uncertain due to ongoing supply risks and geopolitical tensions.