Gasoline prices are expected to increase, the Petroleum Association proposed an adjustment on September 1

According to the operating schedule, the next gasoline price adjustment period will be implemented on September 1st. However, due to falling on the National Day holiday, the adjustment will be delayed.Gasoline pricewill be postponed to September 5 by the Ministry of Industry and Trade - Finance.

In the past 10 days, world oil prices have fluctuated strongly, especially in the Singapore market. According to some domestic oil businesses, if referring to the Singapore market, RON95 gasoline prices in Vietnam are 500 - 800 VND lower per liter; E5RON92 gasoline is about 400 - 700 VND lower per liter and especially oil prices are 1,900 - 2,450 VND lower per liter. With this data, it is very likely that in the post-holiday management period, oil prices will increase sharply again if the management agency does not spendStabilization Fund, especially for oil products.

Gasoline prices are forecast to increase sharply in the early September management period. Illustrative photo

In response to this assessment, the Vietnam Petroleum Association (VINPA) has recently expressed its opinion that, with the sharp increase in world finished product prices in recent weeks, postponing the time of gasoline price adjustment to September 5 could cause many consequences. Therefore, VINPA has made a recommendation to the Ministry of Industry and Trade to adjust retail gasoline prices in accordance with the adjustment period on September 1.

The association believes that the domestic supply of gasoline and oil is still sufficient to meet consumer demand, but the world price of finished products, especially diesel, has increased sharply since the adjustment period on August 22. As of August 25, the price of diesel oil increased by 16.6% compared to the adjustment period on August 22.

“In the case of regulating gasoline prices on September 5 instead of September 1 (later than the usual cycle), VINPA is concerned that domestic gasoline retail prices will have a certain delay, not reflecting the correct upward trend of world prices. This will cause difficulties for gasoline traders in ensuring sources; especially, it will create a mentality of hoarding and speculation, causing market instability,” said a VINPA representative.

According to VINPA, adjusting gasoline prices on September 1st in accordance with the cycle will reduce difficulties for businesses, while facilitating units in creating resources and serving consumption needs well during the 4-day National Day holiday.

Many experts and businesses also agree and suggest that authorities manage the market more flexibly, avoiding the risk of repeating the situation of supply disruption as in early 2022.

In recent days, in some southern localities, there has been a shortage of goods, especially diesel, at many gas stations. Many fishing boat owners have had to stay ashore because they could not buy fuel to go out to sea. Many gas stations have temporarily stopped selling for various reasons, mainly due to losses.

Recent,Ministry of Industry and TradeAn urgent meeting was also held and Minister Nguyen Hong Dien affirmed that there is no shortage of supply for production and consumption in the entire market, so the reflection of a shortage of gasoline is unreasonable. The Minister said that he will direct the Market Management force to strictly handle and permanently revoke the licenses of gasoline businesses that "hoard goods".

To do this, the General Director of the General Department of Market Management - Ministry of Industry and Trade requires the Market Management Team of the area to be responsible for early detection, to know which stores are closed before people or the press report. The General Department of Market Management will strictly handle any Market Management Department if it is lax in managing the area…/.