Gasoline prices may increase sharply tomorrow
Gasoline on the world market was at 77 USD per barrel at one point, so tomorrow's price adjustment period could increase by 400 - 500 VND per liter.
According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market in this cycle is 75 USD per barrel for RON 92 and nearly 76.45 USD per barrel for RON 95, up 4-5% compared to the previous period. As for oil prices, they are down about 2% compared to the previous adjustment period. Therefore, the 2/4 adjustment period may see gasoline prices increase sharply and oil prices decrease.
According to key petroleum trading enterprises, businesses are losing 300 - 500 VND on gasoline, while world gasoline prices are at a high level.
 |
Gasoline prices will be adjusted on April 2. |
"If the management agency maintains the previous cycle's fund allocation and spending, the gasoline price could increase by 400 - 500 VND per liter. On the contrary, if the fund is allocated at a 50/50 ratio (both using the fund and increasing the price), the gasoline price could be adjusted by 200 - 300 VND per liter. For oil, the operator can adjust it down by about 200 VND or use the fund," said the director of a petroleum enterprise in Ho Chi Minh City.
However, most units said that it is very difficult to "control" gasoline prices this time because the stabilization fund at businesses is not much left.
In the March 18 adjustment period, the retail prices of petroleum products remained the same as 15 days ago despite the high price of this product on the world market. Specifically, the price of E5 RON 92 gasoline remained at VND17,210, RON 95 at VND18,540, diesel at VND15,850, and kerosene at VND14,880 per liter.
Instead of increasing prices, the operator decided to release the fuel price stabilization fund. The fund's expenditure for E5 RON 92 gasoline increased by VND801, up to VND2,801 per liter; RON 95 gasoline had a fund release of VND2,061, up VND811 compared to the previous management period; and fuel oil was VND240, up to VND1,640. In contrast, the fund release for kerosene and diesel decreased by VND11-18 per liter.
Because of the record fund release, many businesses said they are losing money. One business in Ho Chi Minh City even had a negative 300 billion VND after the recent strong release and is having to borrow capital to cover this amount.
