Gasoline and oil prices may increase sharply tomorrow
Domestic fuel prices are likely to rise for the second consecutive session as the average price in the Singapore market increased by 6-8% compared to the previous period.
Data from the Ministry of Industry and Trade shows that on averageGasoline priceRON 92 and RON 95 in the Singapore market in the past half month were 49.06 USD and 50.2 USD per barrel respectively, both up about 6% compared to the previous period. Kerosene continued to increase by nearly 8% to 50.46 USD per barrel, while diesel increased by 50% to 66.2 USD per barrel.
The leader of a petroleum wholesaler in Ho Chi Minh City said that world oil prices are constantly rising due to the demand for fuel for heating in winter. Besides, the important factor is that some countries with large reserves want to delay plans to increase production to cope with the decrease in demand due to Covid-19.
 |
| Illustration |
"This development will cause domestic retail prices to jump in tomorrow's adjustment period," he predicted. If the stabilization fund is not used, gasoline prices could increase by VND400-600 per liter, while kerosene and diesel prices could increase by VND400-500 per liter.
Ministry of Industry and Trade - FinanceIn the previous period, the price of each liter of E5 RON 92 gasoline increased by 609 VND to a maximum of 14,494 VND, while that of RON 95 increased by 650 VND to a maximum of 15,351 VND. To limit the increase, the operator continued to use tools from the Price Stabilization Fund. This time, the joint ministries did not deduct funds for E5 RON 92 gasoline, kerosene and mazut. RON95 gasoline was deducted at 100 VND per liter.
If the Price Stabilization Fund is not spent, the Ministry of Industry and Trade - Ministry of Finance estimates that the price of gasoline will increase compared to the current price by about 850 - 1,600 VND per liter.
