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 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 one day.

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

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

At the adjustment on March 29, each liter of E5 RON 92 gasoline decreased by VND4,100, RON 95 gasoline decreased by VND4,252; kerosene by VND2,705, diesel by VND1,776 and mazut 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; mazut oil deducted 450 VND per kilogram.