Gas prices may rise on Monday (November 20).

The sharp increase in global gasoline prices over the past few days may lead to adjustments in domestic retail prices.

This Sunday was the deadline for the 15-day domestic fuel price adjustment cycle; however, because it is a holiday, the regulatory agency has postponed it to Monday (November 20th).

According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market as of November 18th was approximately US$73.77 per barrel, a 4.6% increase compared to the previous cycle (US$70.5 per barrel). Therefore, gasoline prices will continue to rise in this new adjustment period.

Gas prices may increase tomorrow. Photo: Ngoc Thanh

According to petroleum wholesalers, global gasoline prices show no signs of stabilizing. Therefore, despite using the price stabilization fund, gasoline prices in the new cycle could increase by 200-600 VND per liter. If the regulatory agency uses additional funds from the stabilization fund, gasoline prices could increase slightly.

At the price adjustment on November 4th, RON 92 gasoline increased by 271 VND per liter; E5 gasoline increased by 224 VND. Other petroleum products also increased by 199-265 VND per liter or kilogram depending on the type. After the adjustment, the maximum price for mineral gasoline reached 18,146 VND; E5 gasoline was 17,858 VND per liter; diesel fuel 14,611 VND per liter, kerosene 13,198 VND per liter, and fuel oil 11,909 VND per kilogram. In this adjustment, the regulatory body used the Price Stabilization Fund to subsidize mineral gasoline by an additional 170 VND per liter, bringing it to 300 VND per liter; and E5 gasoline by an additional 190 VND per liter, also reaching 300 VND per liter.

Since the beginning of the year, gasoline prices have undergone 21 adjustments, including 9 price increases, 9 price decreases, and 3 periods where prices remained unchanged.

According to VnExpress