Gasoline prices could fall to record low
World gasoline prices are plummeting to around $79-80 a barrel, down 10% compared to the previous cycle.
According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market in this cycle is nearly 80 USD per barrel for RON 92, down 10% compared to the previous cycle, and 8% for RON 95, down to 81.5 USD per barrel. Therefore, in the new adjustment period on November 6, gasoline prices may decrease sharply.
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Gasoline prices may drop sharply. Photo:Ngoc Thanh. |
The director of a major petroleum company in Ho Chi Minh City said that the price of RON 92 gasoline is "plummeting", so if the operator keeps the stabilization fund intact, the price of gasoline could decrease by over VND1,000 per liter, and RON95 by VND700. On the contrary, if the management agency uses half of the stabilization fund, the price of gasoline could decrease by VND400-700 per liter. In case the management agency uses all of the fund, the price of gasoline may not be adjusted.
“This is a fairly strong decrease, so I think the management agency will release half of the stabilization fund to manage gasoline prices reasonably. If the fund is maintained, gasoline prices this time could drop to a record low since the beginning of the year,” said the director of a gasoline wholesaler in Ho Chi Minh City.
In the adjustment period of October 22, gasoline prices decreased by 144 - 224 VND per liter depending on the type while oil prices remained the same.
After adjustment, the maximum price per liter of E5 RON 92 gasoline is 20,682 VND; RON 95 is 22,203 VND. Kerosene remains at 18,610 VND; kerosene is 17,080 VND per liter...
Along with the price reduction, the operator also spends more money on the Petroleum Price Stabilization Fund. E5 RON92 bio-fuel has the highest fund spending of VND1,213 per liter; RON 95 is VND600; oil products are VND634 - 722 per liter, kg depending on the type.
Since the beginning of the year, gasoline prices have undergone 20 adjustments, including 6 increases, 2 decreases, and 12 stable changes. In total, gasoline prices have increased by more than VND1,000 per liter compared to the beginning of the year.
