Gasoline and diesel prices may continue to rise sharply.
Fuel prices in the Singapore market have increased by 5% over the past two weeks, so the price of gasoline in Vietnam could rise by 500-600 VND per liter tomorrow.
According to data from the Ministry of Industry and Trade,price of refined gasolineThe Singapore market experienced significant volatility as of March 9th compared to the previous two weeks.
The average retail price of 92 octane gasoline during this period was $71.09 per barrel, an increase of 5.1%. 95 octane gasoline increased similarly to $72.68, even exceeding $76 per barrel on some days. Kerosene and diesel prices increased more modestly, by 1.8% to $67.78 and 2.2% to $69.75 per barrel, respectively.
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A representative of a major petroleum distribution company in Ho Chi Minh City stated that the attack on Saudi Arabia's crude oil facilities was one of the main reasons for the surge in global fuel prices to a one-year high. In addition, the prospect of controlling the pandemic globally is contributing to a rapid recovery in travel demand.
Joint Ministry of Industry and Trade – FinanceTherefore, the price will be adjusted upwards by approximately 500 VND per liter for 92 octane gasoline, 600 VND per liter for 95 octane gasoline, and 300-450 VND for other petroleum products. "If the regulatory agency uses the price stabilization fund, the increase could be lower, but that's unlikely because the amount already spent is relatively high," he said.
This expert also predicted that, after reaching a one-year peak, fuel prices could gradually cool down and break their upward trend during the adjustment period at the end of March.
In the price adjustment at the end of February, each liter of E5 RON 92 gasoline increased by 722 VND to 17,270 VND. RON 95 increased by 814 VND to 18,084 VND per liter. Kerosene was 12,610 VND per liter, an increase of 702 VND. Diesel was 13,843 VND per liter, an increase of 801 VND.
The regulatory agency also allocated 2,000 VND from the price stabilization fund to compensate for the 1,150 VND increase per liter of E5 RON 92 and RON 95 gasoline. Without the fund allocation, the selling price of these products would have increased by 1,305 - 2,722 VND per liter.
