Gasoline price adjustment in early 2022: Sharp increase

Tomorrow (January 11) will be the first period of gasoline and oil price adjustment to implement the content according to the price calculation formula in Decree No. 95/2021/ND-CP amending and supplementing a number of articles of Decree No. 83/2014/ND-CP on gasoline and oil trading. According to the new calculation cycle of the Ministry of Industry and Trade - Ministry of Finance, gasoline and oil prices will be adjusted once every 10 days, instead of 15 days as before.

Domestic gasoline prices are likely to increase in tomorrow's price adjustment session (January 11). Photo: Internet

Before this price adjustment period, the Ministry of Industry and Trade’s data had not yet updated the price of finished gasoline on the Singapore market according to the new calculation cycle. However, according to key import enterprises, gasoline prices had increased by 5-6% compared to the previous adjustment period.

In the world market, crude oil prices continued to decline in this morning's trading session after weakening at the end of last week. Specifically, at 7:00 a.m. (Vietnam time, January 10), the price of US light sweet crude oil WTI was traded at 78.56 USD/barrel, down 0.42%; Brent crude oil for March delivery also decreased 0.4% to 81.45 USD/barrel. OPEC+'s decision to maintain the plan to increase production by 400,000 barrels/day has cooled oil prices.

Due to the increasing trend in world oil prices in recent days, domestic oil prices in the price adjustment session tomorrow (January 11) will also increase following world oil prices.

Leaders of some petroleum businesses said that in the operating session tomorrow (January 11), if there is no impact on the Price Stabilization Fund (BOG) and calculated according to the old formula, the price of E5 RON 92 gasoline may increase by 600 VND/liter, and the price of RON 95 gasoline may increase by 800 VND/liter.

The selling price of oil products will also increase. Of which, kerosene is predicted to increase by about 560 VND/liter, diesel oil will increase by 800 VND/liter.

On the contrary, if the management agency reduces the provision or increases the expenditure of the BOG Fund, domestic gasoline and oil prices may increase less.

If as forecasted, domestic gasoline prices in tomorrow's price adjustment session will increase for the second consecutive time and be the first increase in 2022.

In 2021, domestic gasoline prices were adjusted up 19 times, decreased 5 times and remained unchanged 3 times.

In the most recent adjustment period (December 25, 2021), the Ministry of Industry and Trade - Ministry of Finance decided to increase gasoline prices.

Accordingly, E5 RON 92 gasoline increased by 470 VND/liter, RON 95 gasoline increased by 490 VND/liter. Similarly, diesel increased by 240 VND/liter, kerosene increased by 190 VND/liter.

After adjustment, the maximum selling price of E5 RON 92 gasoline is 22,550 VND/liter, RON 95 is 23,290 VND/liter. Diesel oil is 17,570 VND/liter, kerosene is 16,510 VND/liter, while fuel oil remains at 15,740 VND/kg./.