By late last week, the average price of Brent crude in the London platform hit $30.40 per barrel for May contracts, down 30 per cent since late January, and the average price of WTI oil was $24.96 per barrel for April contracts, down 20 per cent in the same time. Laying behind such a price drop is a shrink in demand for transport and travel due to the coronavirus pandemic, and not a reduction in crude oil supplies. The falling oil price will affect the state budget as Vietnam is also an oil exporter In March, Standard Chartered forecast that the global oil price would hover at $29-35 per barrel, while the fresh projection of the International Energy Agency reached $38-43 per barrel, and Morgan Stanley also predicted the price to be around $50 per barrel this year. Vietnam’s Ministry of Finance (MoF) earlier aimed to see a price of $60 per barrel for 2020. Following such a price decline, two weeks ago, the cost of petrol E5RON92 and RON95 in Vietnam were reduced by over VND2,000 (8.7 US cents) per litre. Prices of other items such as diesel and kerosene have also lowered remarkably. Many logistics firms such as… Read full this story
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