Gasoline prices may drop sharply tomorrow (April 13)

Employees of a petroleum company in Ho Chi Minh City sell gasoline to customers. Photo: Thanh Nguyen.

Data from the Ministry of Industry and Trade shows that the average gasoline price in the Singapore market updated to March 29 continued to decrease sharply. The average price of RON 92 gasoline used to blend E5 RON 92 gasoline was at 20.64 USD per barrel, RON 95 gasoline was 21.26 USD per barrel, down 16% and 17.17% respectively compared to the previous period. Oil prices also decreased sharply, reaching 24.18 USD per barrel on one day.

According to the leader of a major petroleum company in Ho Chi Minh City, in recent days, world gasoline prices have mostly decreased, with only two consecutive days when they increased, but not by much. Therefore, this new adjustment period will be the third consecutive time that gasoline prices have dropped sharply.

"If the price stabilization fund is not supplemented, the gasoline price will be adjusted down by 800-1,100 VND per liter. Diesel prices could decrease by 700 VND. On the contrary, if the management agency supplements the stabilization fund, the gasoline price could decrease by 500-600 VND per liter," said a leader of a key business in Ho Chi Minh City.

In the adjustment period on March 29, each liter of E5 RON 92 gasoline decreased by VND4,100, RON 95 gasoline decreased by VND4,252; kerosene was VND2,705, diesel was VND1,776 and mazut decreased by VND1,048. After adjustment, the maximum price of E5 RON 92 gasoline is VND11,956 per liter, RON95 gasoline is VND12,560; kerosene is no higher than VND9,141, diesel is VND11,259 and mazut is a maximum of VND9,453 per liter. This is also the lowest price of gasoline since April 2009.

Along with the price reduction, the operator deducted 300 VND per liter of E5 RON 92 gasoline. The deduction for RON 95 gasoline and diesel is 1,150 VND; fuel oil deducted 450 VND per kilogram.