Gasoline prices may drop sharply tomorrow

Following the sharp decline in the world market, domestic gasoline prices could drop by up to 700 VND per liter.

March 20 will be the date for the next cycle of gasoline price adjustment. According to the data on finished product prices in the Singapore market published by the Ministry of Industry and Trade, the average price of RON 92 gasoline is at 62 USD per barrel, down 5.9% compared to the previous cycle (65.677 USD per barrel). Thus, in the past month, gasoline prices have been continuously decreasing after a series of strong increases.

Gasoline prices are on the decline.

Many key petroleum businesses said that with a reduction of around 5-6%, the next price adjustment period could change by a few hundred dong per liter.

“In this adjustment period, if the management agency uses the stabilization fund at 300 VND per liter, the gasoline price can decrease by 300 VND. But if the operator does not use the stabilization tool, the gasoline price can decrease sharply by 600-700 VND per liter,” said the leader of a petroleum wholesale business in Ho Chi Minh City.

In the previous adjustment period, the Ministry of Industry and Trade decided to reduce RON 92 gasoline by 76 VND, to a maximum of 18,022 VND per liter. E5 gasoline decreased by 58 VND per liter, to 17,760 VND. Along with the price reduction, the Joint Ministry also decided to reduce the expenditure of the Price Stabilization Fund for gasoline to 0 VND per liter, a decrease of 300 VND compared to the adjustment period on February 18./.

According to VNE