Gasoline and oil prices may continue to increase sharply

According to data from the Ministry of Industry and Trade,price of finished gasolineon the Singapore market as of March 9 fluctuated strongly compared to the previous half-month cycle.

The average retail price of 92 gasoline during this period was $71.09 per barrel, up 5.1%. 95 gasoline increased by the same amount to $72.68, even reaching over $76 per barrel on one day. Kerosene and diesel prices increased more modestly, up 1.8% to $67.78 and 2.2% to $69.75 per barrel, respectively.

Illustration photo.

A representative of a major petroleum company in Ho Chi Minh City said that the attack on Saudi Arabia’s crude oil facility was one of the main reasons for the spike in world fuel prices to a one-year high. In addition, the prospect of controlling the pandemic globally will help travel demand recover quickly.

Ministry of Industry and Trade - FinanceTherefore, the adjustment will increase by about 500 VND per liter of gasoline 92, 600 VND per liter of gasoline 95 and 300-450 VND for oil products. "If the management agency spends the stabilization fund, the increase may be lower, but not likely much because the spending level is already relatively high," he said.

This person also predicted that after reaching a one-year peak, fuel prices may gradually cool down and break the upward trend during the adjustment period at the end of March.

In the adjustment period 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 regulator also spent VND2,000 from the price stabilization fund to compensate for each liter of E5 RON 92 and RON 95 gasoline, which is VND1,150. If the fund is not spent, the selling price of these products will increase by VND1,305 - 2,722 per liter.