Gasoline prices may continue to fall early this week
Sunday is the time to adjust gasoline and oil prices, but because it falls on a holiday, the regulatory agency moved it to Monday (June 17).
According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market in this cycle is 64.3 USD per barrel for RON 92 and 66 USD per barrel for RON 95, down 7.2-7.4% compared to the previous period. Along with that, oil prices have plummeted, so the adjustment period on June 17 may see gasoline and oil prices continue to fall sharply.
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| Gasoline prices will decrease early next week |
Leaders of major petroleum enterprises in Ho Chi Minh City said that many enterprises are in the negative balance of the stabilization fund, so this adjustment period, gasoline prices will be adjusted down by 600-800 VND per liter.
"In addition to adjusting the price down, the management agency may allocate more funds because this fund is negative. In the case that the management agency both allocates funds and spends more on the stabilization fund, the gasoline price may decrease by 300-400 VND per liter," a business leader in Ho Chi Minh City added.
In the June 1 adjustment period, each liter of RON 95 gasoline was adjusted down by 380 VND, E5 RON 92 gasoline down by 269 VND, diesel down by 220 VND, kerosene down by 197 VND and mazut down by 182 VND per kilogram.
After adjustment, each liter of RON 95 gasoline is a maximum of VND21,219; E5 RON 92 gasoline is VND20,219; diesel is no higher than VND17,394; kerosene is VND16,225...
Along with the price reduction, the authorities continued to spend the Price Stabilization Fund on E5 RON 92 gasoline at 398 VND per liter, down 59 VND compared to the previous adjustment period 15 days ago. Oil and RON 95 gasoline did not spend the Price Stabilization Fund.
According to information from the Ministry of Finance, the total fund use in the first 3 months of the year was about VND5,787 billion, while the amount of fund withdrawal in the quarter was only about VND1,659 billion. The surplus by the end of 2018 was VND3,500 billion and the interest generated was VND3.4 billion. However, by the end of the first quarter, the Price Stabilization Fund was still negative VND620.643 billion. The Petroleum Price Stabilization Fund has been strongly released by the operator since the fourth quarter of 2018 and the first months of 2019 due to the continuous sharp increase in prices.
