Gasoline prices may continue to increase tomorrow, October 5

Rising world oil prices put pressure on domestic retail gasoline prices, forecast to increase by 200-300 VND per liter.

Tomorrow (October 5) is the time for domestic retail gasoline price adjustment. Data on finished gasoline prices in the Singapore market over the past 15 days shows that the priceaveraged at $67.5 a barrel.

During the period, the price of finished gasoline on the Singapore market jumped to more than 69 USD, at 69.28 USD per barrel on September 26. This was the highest price in the past half year.In addition to the factor of high world prices, domestic retail gasoline prices in this adjustment period are also affected by changes in the weighted average import tax calculated and announced by the Ministry of Finance every 3 months.

Along with that, the price stabilization tool - the Petroleum Price Stabilization Fund will likely continue to be released by the operator to "restrain" the excessive increase in domestic prices. Therefore, according to the Northern key businesses, gasoline prices may increase by about 200 - 300 VND per liter tomorrow.

Gasoline prices may continue to increase in the adjustment period tomorrow (October 5).

The sharp increase in crude oil prices on the world market is the reason given by Ms. Vu Thi Thu Thuy - Director of the Price Statistics Department (General Statistics Office, Ministry of Planning & Investment) for the phenomenon of "only increasing but not decreasing" domestic gasoline and oil prices last month.

"Due to the sharp increase in world crude oil prices, domestic gasoline and oil prices have been affected. The average Brent oil price in the first 9 months of the year was at 51.48 USD per barrel compared to 43.03 USD in the same period in 2016," Ms. Thuy informed.

Figures from the General Statistics Office also show that the two adjustments to gasoline and oil prices in September (September 5 and September 20) caused the fuel price index to increase by 3.54% and the transportation price index to increase by 1.15%. The increase in gasoline prices has caused the consumer price index (CPI) in September 2017 to increase by about 0.14%.

The Director of the Price Statistics Department said that gasoline prices will likely continue to increase in the fourth quarter, along with price adjustments of some other goods, which will impact the CPI.

CatfishIn the world market, Brent oil price in the third quarter of 2017 increased to nearly 60 USD per barrel, the strongest in more than a decade and increased 20% compared to 3 months ago.

The most recent price increase (September 20) was 320 VND per liter of RON 92 gasoline, 300 VND per liter of E5 gasoline, and the highest increase was 570 VND per liter of kerosene... After adjustment, the price of RON 92 gasoline increased to 18,110 VND per liter; E5 gasoline was 17,830 VND per liter and kerosene was 13,110 VND per liter...

According to VNE