On October 10, 2018, on the London market, the average price of Brent oil rose to US$85.17 per barrel for December contracts, and the average price of WTI oil climbed to US$75.07 per barrel for November contracts. The 30% price climb since early this year followed the US sanctions on Iran and a fear of global supply shortages sparking a debate over the possibility of US$100 Brent. These prices are for contracts of November 2018. The Ministry of Finance yesterday reported that Vietnam’s total state revenue from crude oil exports is estimated to hit VND6.5 trillion (US$287.6 million) in September, and VND48.1 trillion (US$3.13 billion) for this year’s first nine months, up 42.5% in comparison to the same period last year. It is estimated that an increase of US$1 in crude oil exports will bring in roughly VND1 trillion (US$44,24 million) to Vietnam. Vietnam’s crude oil export turnover decreased from US$2.93 billion in 2015 to US$2.35 billion in 2016. However, the figure … [Read more...] about Rising oil prices to benefit growth
Oil price hike
Concern grows over Tết price hikes
The petrol retail price saw its highest surge so far this year on Saturday, raising concerns over unpredictable impacts to the economy and the possible increase of goods prices during the upcoming Tet (Lunar New Year) holiday, experts said. The ministries of Industry and Trade and Finance raised the retail price of biofuel E5 RON 92 by VND675 to VND20,906 per litre. The price of RON 95 also rose by VND577 to VND22,347 per litre, while the prices of diesel and kerosene went up by VND485 and VND403 to VND18,611 and VND17,086 per litre, respectively. The price of mazut increased by VND752 to VND15,964 per kilo. According to the ministries, global oil and petrol prices surged to US$90.63 a barrel in the past 15 days. If the price of crude oil climbs to $100 a barrel by the end of this year, the country will have to consider action to stabilise prices. Earlier this year, the National Assembly approved important goals such as growth rate and inflation based on the scenario of the crude oil … [Read more...] about Concern grows over Tết price hikes
Fuel price hike affects production, consumer activities
Fuel price hike affects production, consumer activitiesThe Saigon Times Daily A motorcycle is refilled at a gas station in HCMC – PHOTO: VNA HCMC – The sharp hike in the prices of retail fuel products late last week will likely continue in the remainder of the year, given rising fuel prices across the world. The higher prices will be reflected in higher production costs and consumer goods prices, leaving an impact on the consumer price index, according to experts. Last Saturday, the ministries of finance, and industry and trade increased the prices of E5 RON92, RON95-III and diesel 0.05S by VND675, VND577 and VND485 to VND20,906, VND22,347 and VND18,611 per liter, respectively. These are the highest prices recorded in the last few years. According to the ministries, global petrol prices have risen sharply in the recent period. On October 2, each barrel of RON92 gasoline was traded at US$92.50 in Singapore, the highest since November 2014. Similarly, each … [Read more...] about Fuel price hike affects production, consumer activities
Vietnam’s latest fuel price hike spikes inflation concerns
The ministries of Industry and Trade and Finance upped fuel price last Friday, and prices of biofuel E5 RON 92 went by VND675 per liter to VND20,906 (90 cents) and that of RON 95 by VND577 to VND22,347 (96 cents). Kerosene prices went up by VND485 to VND17,086 (73 cents) per liter and that of mazut oil by VND752 to VND15,694 (67 cents) per kilogram. The ministries said that the increase in domestic prices followed a rise in world fuel prices of 3-5 percent over the last 15 days. They said that a RON 92 barrel costs $90.36, RON 95, $92.40 and diesel, $96.89. This was the third fuel price hike since early September. In this period, the per liter price of E5 RON 92 went up by VND1,296 (5.6 cents) in total, while that of RON 95 rose by VND1,170 (5 cents). While the latest increase has raised concerns among economists that Vietnam will not be able to meet its inflation target for the year, transportation businesses are worried about immediate impacts. Lam Dai Vinh, director of a … [Read more...] about Vietnam’s latest fuel price hike spikes inflation concerns
PetroVietnam enjoys thriving business thanks to crude oil price hike
A worker in Bach Ho oil well (Photo: VNA) Hanoi (VNA) – All the financial targets of the Vietnam National Oil and Gas Group (PetroVietnam) in the past nine months surpassed the plan thanks to the improvement in the price of crude oil, according to insiders. The firm reported that the average crude oil price in the first nine months of 2018 was 74.6 USD per barrel, 24.6 USD higher than the expectation and representing a rise of 37 percent over the same period in 2017. Therefore, the total revenue of the firm in the first nine months of 2018 hit 449.1 trillion VND (19.31 billion USD), up 20 percent compared to the plan. It paid 81.4 trillion VND to the State budget in the nine months, surpassing its target for the period by 52.1 percent and for the yearly target by 10.4 percent. All of its member companies maintained normal production, while the majority of its production goals also exceeded the plan by 2-15 percent. Total production reached 18.17 million tonnes, 5.9 percent, … [Read more...] about PetroVietnam enjoys thriving business thanks to crude oil price hike