Gasoline and oil prices are expected to fall.
Based on the world oil prices in recent days as well as the business situation of key enterprises, it is likely that the prices of gasoline and oil products will be adjusted down.
Ministry of Industry and Trade - FinanceOn November 25, there will be an announcement to adjust the retail price of gasoline and oil. As of November 23, updated data from the Ministry of Industry and Trade shows that the world price of finished gasoline products in the Singapore market (Vietnam's gasoline import market) has decreased by 7-8% compared to before November 10.
Specifically, the average price of RON92 gasoline used to blend E5RON92 gasoline is 93.34 USD/barrel, compared to 100.66 USD/barrel in the previous cycle. The price of RON95 gasoline is 95.89 USD/barrel, compared to 104.16 USD/barrel in the previous cycle. Similarly, oil prices also decreased compared to the previous cycle, fluctuating around 86 USD/barrel.
According to the Ministry of Industry and Trade - Ministry of Finance, in recent management periods, due to frequent reductions in the provision level and increased spending on the BOG Fund for gasoline and oil to stabilize prices, the amount of this fund is decreasing sharply.
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Meanwhile, experts as well as representatives of some petroleum businesses said that based on the fluctuations in world petroleum prices in recent days, it is likely that in this management period, the Joint Ministry will have a high possibility of adjusting the prices of petroleum products downward.
In case the Joint Ministry increases the provision for the BOG Fund,E5RON92 gasoline pricemay decrease by 800 VND/liter. The price of RON95 gasoline will decrease by about 1,000 VND/liter. If the Joint Ministry reduces the provision, the price reduction of gasoline products may be much higher. The price of oil products is also predicted to decrease by 300 - 600 VND/liter.
Since the beginning of the year, the Joint Ministry has adjusted gasoline and oil prices 19 times, of which the last 5 times have been consecutively increased. In the adjustment period on November 10, the price of E5RON92 gasoline increased by 559 VND/liter; the price of RON95-III gasoline increased by 658 VND/liter; the price of 0.05S diesel and kerosene remained unchanged. The price of 180CST 3.5S fuel oil decreased by 389 VND/kg./.
