World oil prices continue to fall, businesses still complain of losses

If world prices increase and there is no source to cover losses, businesses will ask for price increases again in early October.

Oil prices on the world market have been falling continuously in recent days. At the close of trading on September 25, Brent crude for November delivery fell 41 cents to $110.04 per barrel. During the session, the price dropped to just $108.45 per barrel.

US crude for November delivery fell $1.39 to $89.98 a barrel, the lowest since Aug. 2. The session low was just $88.50 an ounce.
In the Singapore market - the key petroleum product supplier of our country - gasoline prices are also on a downward trend.

The European debt crisis continues to be a concern with a series of large-scale armed protests taking place in Spain and Greece, which is one of the reasons for the drop in oil prices.

Compared to September 11, when businesses demanded a price increase of around 1,000 VND/liter but the Ministry of Finance decided not to increase prices but instead reduce oil import tax and increase the level of the stabilization fund, the prices of petroleum products are now lower.

However, VEF cited domestic petroleum enterprises as saying that the loss situation has not improved.

Although world oil prices have decreased and oil import tax was reduced by 2% on September 11, and not counting the standard profit of 300 VND/liter, when calculating the average of 30 days, businesses said that all 4 oil products still lost from 350 VND to nearly 900 VND/liter, kg.

And although still losing money, petroleum businesses affirmed that they did not ask for a price increase this time because the world market is showing a cooling trend compared to August.

However, key enterprises said that if world prices continue to increase and there is no source to compensate for losses, they will ask for price increases again in early October. Currently, affected by the price stabilization period of 2010-2011, these units are still losing 5,000 billion VND.

Besides gasoline, coal and gas prices are also expected to increase.

Since the beginning of the year, gasoline prices have been adjusted a total of 11 times, with 6 increases and 5 decreases, and are now 2,850 VND/liter more expensive than at the end of 2011. Since July, gasoline prices have changed 5 times, 4 of which have increased. Currently, Ron95 gasoline is 24,150 VND/liter, Ron92 gasoline is 23,650 VND/liter, diesel is 21,800 - 21,850 VND/liter, kerosene is 21,900 VND/liter, and 3.0S fuel oil is 18,950 VND/kg. Import tax on gasoline is currently 12%, diesel is 8%, kerosene and fuel oil are 10%. The price stabilization fund for gasoline products is currently 500 VND/liter.

(According to vov.vn) - LT