Gasoline prices may increase sharply tomorrow
Key businesses predict that domestic gasoline prices may increase by about VND1,000 tomorrow, after the world market has increased strongly over the past 15 days.
Data from the Ministry of Industry and Trade shows that the average price of finished gasoline on the Singapore market updated to June 8 for RON 92 averaged 39.25 USD per barrel, and RON 95 gasoline was 42.16 USD per barrel, both up about 19% compared to the previous period. Oil prices also increased to over 42 USD per barrel.
The leader of a petroleum hub in Ho Chi Minh City said that the world's gasoline and oil prices have been increasing sharply in recent days. Meanwhile, gasoline dealers have seen their commissions sharply reduced, so "the more they sell, the more they lose." Therefore, this adjustment period will force the regulatory agency to increase prices according to the market.
"Based on the increase in the world market, if the management agency keeps the price stabilization fund unchanged during this adjustment period, gasoline prices will increase by 800-1,000 VND per liter," said a leader of a gasoline hub in Ho Chi Minh City.
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| People buy gasoline at a store in Cau Giay (Hanoi). |
Sharing the same view, the leader of a petroleum company in Hanoi assessed that this would be the third sharp price increase in the petroleum management period over the past month. According to him, if the management agency both increases prices and reduces provisions or increases expenditures for the petroleum stabilization fund at a ratio of 50/50, the price of gasoline and oil will increase by 500-600 VND per liter.
In the May 28 adjustment period, each liter of gasoline increased by 882-890 VND, and oil products also increased by 892-974 VND. After the adjustment, each liter of E5 RON 92 gasoline will not be higher than 12,402 VND, RON 95 will be up to 13,125 VND. Diesel oil will be the highest at 10,749 VND, kerosene at 8,757 VND, and mazut at 9,492 VND per kilogram.
The joint ministries decided to both draw from and release from the Price Stabilization Fund. The deduction level for the Price Stabilization Fund for E5 RON 92 gasoline remains the same as 15 days ago, at 100 VND per liter. RON 95 is deducted 400 VND per liter, half the reduction compared to the adjustment period on May 13.
The price stabilization fund deduction levels for oil products have all decreased compared to 15 days ago, such as diesel down to 1,100 VND per liter, kerosene 600 VND and mazut 200 VND per kg. At the same time, the operator only uses 600 VND per liter of E5 RON 92 gasoline from the price stabilization fund, 400 VND for RON 95 gasoline.
