Chance for gasoline prices to fall further tomorrow

According to the schedule, the afternoon of December 11 will be the adjustment period.Gasoline pricenext. However, because it falls on Sunday, the time to adjust gasoline prices was moved to Monday (December 12).

Updated data from the Ministry of Industry and Trade shows that the price of finished petroleum products in the Singapore market in this adjustment period decreased compared to the previous price calculation period (December 1).

Specifically, the average price of RON 92 gasoline (used to blend E5 gasoline) in Singapore updated from December 2-7 was 85.18 USD/barrel, the price of RON 95 gasoline was 89.57 USD/barrel. Meanwhile, the average price of RON 92 gasoline in the Singapore market in the previous cycle was 89.324 USD/barrel, the price of RON 95 gasoline was 93.965 USD/barrel.

Thus, compared to the previous cycle, the average price of RON 92 gasoline in this cycle decreased by 4.144 USD/barrel, the average price of RON 95 gasoline decreased by 4.395 USD/barrel.

Similarly, the average price of oil onmarketSingapore updated from December 2-7 also decreased compared to the previous cycle. Accordingly, the average price of diesel was 110.44 USD/barrel, kerosene was 109.33 USD/barrel, and fuel oil was 368.658 USD/ton. In the previous cycle, the average price of diesel was 117.69 USD/barrel, kerosene was 115.686 USD/barrel, and fuel oil was 391.78 USD/ton.

Gasoline prices in the upcoming adjustment period are likely to continue to decrease (Photo: Anh Nguyen.)

Compared to the previous cycle, the average price of diesel in this cycle decreased by 7.25 USD/barrel, kerosene decreased by 6.356 USD/barrel, and fuel oil decreased by 23.122 USD/ton.

In the world market, oil prices have dropped sharply in recent days, reaching their lowest level since December 2021. According to Oilprice, at 9:40 p.m. on December 9 (Vietnam time), WTI oil was trading at $71.79/barrel, while Brent oil was $76.52/barrel.

Leaders of some key petroleum trading enterprises said that because the price of imported gasoline and world oil prices tend to decrease, in the upcoming management period, domestic retail gasoline prices may decrease accordingly. However, the decrease will depend on the allocation of the Petroleum Price Stabilization Fund. If the management agency does not increase the allocation of the Petroleum Price Stabilization Fund, gasoline prices may decrease by about 680-900 VND/liter, and oil prices may decrease by 500-940 VND/liter.

If forecasted, this will be the third consecutive period that gasoline prices have been adjusted down.

Since the beginning of the year, domestic gasoline prices have undergone 32 adjustments, including 17 increases, 14 decreases and 1 unchanged.

In the most recent adjustment period (December 1), gasoline prices were adjusted down sharply. Accordingly, the price of E5 gasoline was reduced by VND1,000/liter, the selling price was VND21,670/liter. The price of RON95 gasoline was reduced by VND1,080/liter, the selling price was not higher than VND22,700/liter. The price of diesel oil was reduced by VND1,590/liter, the selling price was VND23,210/liter.

Also in the operating session on December 1, the Ministry of Industry and Trade - Ministry of Finance stopped spending the Petroleum Price Stabilization Fund. At the same time, the operating agency made provisions for the Petroleum Price Stabilization Fund with E5 gasoline at 300 VND/liter, RON95 gasoline at 400 VND/liter, diesel at 700 VND/liter, kerosene at 300 VND/liter, and fuel oil at 500 VND/kg.