Oil price 3 year high

More expensive products like soybean, sunflower and rice bran oil have surged by 90 percent since 2020 to VND68,000-85,000. Hoa, a shop owner in HCMC’s Go Vap District, said since edible oil prices had been changing constantly she stopped stocking expensive items. Despite discounts, edible oil has seen the highest price rise in supermarkets. "The surging prices have affected demand", a supermarket manager in HCMC’s Binh Thanh District said. Producers blame the rising prices on higher input costs. Price of palm oil, a leading edible oil, has quadrupled in the last two years. Indonesia, the world's biggest palm oil producer, has halted exports to contain soaring prices of the product. The day after it did so on April 28, prices jumped by 2.74 percent to RM7,401 (US$1,612.6) per ton, according to the Malaysian Palm Oil Council. Other production costs, including transportation and packaging, have also been rising sharply in recent months. "Prices are likely to rise … [Read more...] about Cooking oil prices skyrocket as supply disrupted

Retail prices of petrol in Vietnam rose by nearly VND700 to more than VND30,000/litre on May 23, setting a new record in the domestic petrol market. Vietnam's petrol prices rise to an all-time high over almost 10 years. Illustrative photo by Dantri The latest price adjustments unveiled by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance saw common petrol RON95-III reach VND30,657 per litre, marking a VND669 increase compared to the previous adjustments 12 days ago. Similarly, petrol E5RON92 also rose VND674 to be capped at VND29,633 per litre. Meanwhile, diesel was traded at VND25,553 per litre, representing a decline of VND1,097. The price of kerosene stood at VND24,450 per litre, down nearly VND763, and mazut was also adjusted down by VND962 to VND20,598 per kg. Following the latest price changes, the two ministries decided to stop using the petrol price stabilisation fund to subsidise prices of E5RON92 and RON95. However, they … [Read more...] about Retail petrol prices keep rising, set new record

As Việt Nam’s growth momentum faces headwinds, with global recovery slowed by the impacts of the pandemic, inflation pressure and a surge in oil prices, National Assembly Deputy Trần Hoàng Ngân talks to Tuổi Trẻ (Youth) newspaper about the need to have appropriate measures to put inflation under control before it’s too late. You have previously proposed using environmental protection and special consumption taxes to control the increase in gasoline prices, why do you persist with this view? Experiences from economic development in Việt Nam and around the world show that high inflation is very dangerous. Therefore, it is necessary to closely monitor the situation and come up with timely solutions. When high inflation occurs, to control it, banks often raise interest rates, which will turn everything upside down and is a very dangerous move for the economy. Therefore, it is necessary to persist in preventing the problem as soon as symptoms of high inflation show. One of … [Read more...] about Expert gives warnings about high inflation, saying immediate solutions needed

A customer at a Petrolimex station in Ha Noi. As business activities recover again, the demand for petrol has increased. — VNA/VNS Photo Tran Viet Petrol producers and traders are expected to benefit from low-priced inventories as the price of petrol rises. The two leading enterprises in the industry, Petrolimex and PV Oil, recorded that the value of their inventories at the end of the first quarter was nearly double the beginning of the year. Petrol price has been adjusted up five consecutive times to reach VND31,250 per litre, a rise of 31.3 per cent compared to the beginning of the year. According to a report by the Ministry of Industry and Trade, the world petrol market has undergone many great changes in recent years. Supply to the market, especially to the European region, continues to be affected by the embargo on products from Russia, while US crude oil inventories continue to remain low. These factors have pushed up petrol prices. During the price management period … [Read more...] about Petrol companies to benefit from rising prices

Europe is importing record volumes of liquefied natural gas (LNG) as gas from its top supplier Russia has been disrupted following the Ukraine crisis. That drove prices in Europe and Asia to all-time highs earlier this year, fanning inflationary pressure and retarding efforts by countries to switch to gas from coal to reduce pollution and carbon emissions. "Geopolitical conflicts have made gas markets unstable," Yalan Li, chairperson of the board of directors at Beijing Gas Group said at the World Gas Conference. She added that gas prices are unbearably high for users, creating a greater likelihood of coal’s return. Tight natural gas supplies especially during winter have also weakened the confidence of governments and users in transitioning to gas, Li said. China, the world’s top LNG importer last year, relies on imports to meet nearly half its gas needs. But its imports are forecast to shrink this year as the world's top energy consumer turns to cheaper coal. Similarly, … [Read more...] about High gas prices, energy security fears impede decarbonization push

Rising fuel costs are driving up prices of foods. – Photo baotintuc.vn Rising raw material and fuel costs are putting pressure on food businesses and restaurants in HCM City to hike prices. Saigon Food JSC was quoted by Tuoi Tre newspaper as saying it has increased processed food prices by up to 15 per cent due to high costs. Raw materials and packaging costs have been rising for the past two years as COVID-19 disrupted supply chains, while transport costs have gone up due to rising fuel prices. Other food companies such as Vissan JSC and Duy Anh Food Company also increased their prices. Pham Thi Huan, chairwoman of poultry products supplier Ba Huan JSC, said her company’s egg products were part of the city’s price stabilisation programme, but rising costs were creating great pressure. Tran Quoc Thinh, founder of the 109 Chicken Hotpot chain, said raw material costs had increased by 15 per cent from last year, and rent had also gone up. “Our business has not fully … [Read more...] about City food businesses under pressure to hike prices as costs skyrocket

Agro-product providers and exporters defy the impact of a sharp increase in fertiliser prices Since early this year, fertiliser prices consecutively broke records with the latest price between VND16-18 million ($700-780) per tonne – the highest level in the past 50 years, according to the Department of Plant Protection under the Ministry of Agriculture and Rural Development (MARD). The selling price of URE Ninh Binh and Ha Bac climbed to VND17.5 million ($760) per tonne, while diammonium phosphate fertiliser registered the biggest rise to reach VND22 million ($950) per tonne. An MARD report showed that in 2021, Vietnam imported 5.1 million tonnes of fertilisers, and in the first four months of 2022, the figure was over 880,000 tonnes. Nguyen Tri Ngoc, vice chairman of the Vietnam Fertiliser Association said, “The fertiliser price hike is attributed to the inadequate supply of these products because of the Russia-Ukraine conflict. Russia and Belarus make up nearly half of the … [Read more...] about Agro-product providers and exporters defy impact of sharp increase in fertiliser prices

Illustrative image (Photo: The Star) Hanoi (VNA) - As a result of higher energy and food costs, Singapore ’s core inflation accelerated to 3.3 percent year-on-year in April from the 10-year high of 2.9 percent in March. This is the highest since January 2012, when core inflation came in at 3.5 percent, according to a joint release of the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI). Core inflation excludes accommodation and private transport costs, which tend to be significantly influenced by supply-side administrative policies and are volatile, they said. The headline consumer price index , or overall inflation, stood at 5.4 percent year-on-year in April, the same as in March, as private transport inflation moderated. MAS and MTI noted external inflationary pressures remain strong amid elevated global commodity prices, as well as ongoing supply chain frictions driven by both the Russia-Ukraine conflict and the regional … [Read more...] about Singapore sees record core inflation in April

Jakarta (VNA) - Indonesia's trade surplus hit a record high in April, surpassing its peak in last October amid soaring global commodity prices that boosted exports. The National Statistics Agency (BPS) announced on May 17 that Indonesia had registered a surplus for the 24th consecutive month in April, which had more than tripled to 7.56 billion USD year on year and increased 66 percent month on month. Economists forecast that Indonesia will benefit from rising in global commodity prices due to the impacts of the Russia-Ukraine conflict as revenues from the exports of crude palm oil (CPO), coal, and metal ores are higher than the increase in imports. According to BPS, Indonesia ’s exports reached 27.32 billion USD in April, up 47.76 percent year on year. The mining industry had the strongest export growth, almost doubling year on year to 6.41 billion USD.  Meanwhile imports rose 21 percent to 19 billion USD. China remained Indonesia's top export destination, … [Read more...] about Indonesia enjoys largest trade surplus in history in April

Vietnam has risen in official pandemic recovery indices thanks to production continuity and vaccinations, Photo: Le Toan The International Monetary Fund (IMF) released in April its World Economic Outlook report, stating that global growth is projected to slow from an estimated 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. “Beyond 2023, global growth is forecast to decline to about 3.3 per cent over the medium term. War-induced commodity price increases and broadening price pressures have led to 2022 inflation projections of 5.7 per cent in advanced economies and 8.7 per cent in emerging market and developing economies - 1.8 and 2.8 percentage points higher than projected last January,” the report said. “Multilateral efforts to respond to the humanitarian crisis, prevent further economic fragmentation, maintain global liquidity, manage debt distress, tackle climate change, and end … [Read more...] about Measures put recovery on the front foot