Gasoline prices may increase sharply tomorrow

If the management agency stops using the price stabilization fund, gasoline prices could increase by up to 800 VND per liter.

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February 18 will be the date for the next cycle of gasoline price adjustment. According to the data on finished product prices in the Singapore market announced by the Ministry of Industry and Trade, the average price of RON 92 gasoline is at 68.24 USD per barrel, up 1.7% compared to the previous cycle (67.102 USD per barrel).

Gasoline prices are under pressure to increase. Photo: Ngoc Thanh

Sharing with VnExpress, many petroleum trading enterprises said that the world gasoline price is still increasing day by day and cannot stand still. Meanwhile, petroleum enterprises are losing several hundred dong on gasoline products, not to mention the increase in the VND/USD exchange rate, so the gasoline price of this adjustment period may increase by about 100-300 dong per liter.

“There are three scenarios that can happen in this cycle. Specifically, if the management agency keeps the fund deduction level the same as the previous adjustment period, which is 560 VND for gasoline, the gasoline price may have to increase by 200-300 VND. In case the management agency stops releasing the stabilization fund, gasoline may increase sharply by 800 VND per liter, while oil may increase by 500 VND per liter. On the contrary, if the authorities continue to release more funds, the gasoline price will remain stable,” said the leader of a gasoline wholesale business in Ho Chi Minh City.

In the previous adjustment period, the Ministry of Finance and the Ministry of Industry and Trade decided to increase the use of the Price Stabilization Fund to avoid increasing gasoline prices, while the prices of oil products were adjusted down.

Specifically, the retail price of RON 92 gasoline is kept at a common level of 17,590 VND per liter, and E5 gasoline is 17,320 VND. Meanwhile, oil products are required to reduce prices: diesel oil is reduced by 25 VND, kerosene is reduced by 80 VND per liter while mazut is reduced by 417 VND per kilogram. The level of use of the stabilization fund remains unchanged, fluctuating between 250-550 VND per liter, kilogram.

Since the beginning of the year, through 3 management periods, the management agency has requested to maintain domestic retail gasoline prices, but only adjusted oil products and used price stabilization services.

According to VNE