Prices of gasoline, gold, coffee... are expected to increase simultaneously.

Gasoline prices today are expected to increase with the world

Today’s (May 22) world oil prices are showing signs of recovery. Domestic oil prices are expected to increase slightly following world prices in the adjustment period this afternoon.

In the domestic market, the selling prices of gasoline and oil from this afternoon (May 22) will be applied according to the new price.

Leaders of some key petroleum enterprises said that domestic retail gasoline prices in today's adjustment period are likely to increase following world gasoline prices.

Gasoline prices today are expected to increase with the world.

According to forecasts, if the management agency does not affect the Petroleum Price Stabilization Fund, gasoline prices may increase by 350-410 VND/liter, while oil prices may increase less. If the above forecast is correct, domestic gasoline prices will increase for the first time today after 3 consecutive decreases.

Since the beginning of the year, gasoline prices have undergone 14 adjustments, including 7 increases, 6 decreases and 1 unchanged.

In the most recent adjustment (May 11), the Ministry of Finance and the Ministry of Industry and Trade jointly adjusted the price of gasoline and oil down. Specifically, the price of RON 95 gasoline decreased by VND1,320/liter, the selling price was VND21,000/liter. The price of E5 gasoline decreased by VND1,300/liter, down to VND20,130/liter. The price of diesel oil decreased by VND600/liter, down to VND17,650/liter. The price of kerosene decreased by VND550/liter, the selling price was VND17,970/liter.

In the world market, gasoline prices today (May 22) tend to increase following the increase from last week.

Last week, world oil prices reversed to increase after 4 consecutive weeks of decline. In the 5 trading sessions of the week, oil prices increased in 2 sessions and decreased slightly in 3 sessions. Although the number of decreasing sessions was greater than the number of increasing sessions, the stronger increase rate pushed oil prices up. Oil prices last week were affected by changes surrounding negotiations to increase the US debt ceiling and tightening oil supplies. In the first trading session of the week, the prices of the two most popular oils in the world increased by more than 1% due to concerns about tightening supply and the prospect of increasing demand.

World gold will rise back to the $2,000 mark

Today (May 22), domestic gold prices are stable, with JSC gold prices currently at 67.40 million VND/tael (selling). Meanwhile, world gold prices are stable at the end of the week, currently at 1977 USD.

At the time of survey at 5:00 a.m. on May 22, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.70 million VND/tael for buying and 67.40 million VND/tael for selling.

At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.65 - 67.25 million VND/tael (buy - sell).

DOJI listed the price of 9999 gold at 66.65 million VND/tael for buying and 67.20 million VND/tael for selling.

Vietinbank Gold price is listed at 66.65 million VND/tael for buying and 67.27 million VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.72 - 67.23 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 56.18 - 57.13 million VND/tael in two directions.

World gold will rise back to the $2,000 mark.

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,977.895 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 56.15 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 11.25 million VND/tael higher than the international gold price. Meanwhile, the US gold futures price increased by 1.1%, reaching 1,981.60 USD.

Coffee prices increased sharply compared to last week.

Today’s domestic coffee price (May 22) is from 59,200 – 59,700 VND/kg, reaching a record level in recent years. World coffee prices have also increased sharply.

Specifically, coffee prices in Lam Dong province were purchased at VND59,200/kg; in Gia Lai province it was VND59,500/kg, in Dak Lak province it was VND59,600/kg and the highest was coffee in Dak Nong province which was purchased at VND59,700/kg.

Compared to the same period last week, the price of coffee in the domestic market increased sharply by nearly 5,000 VND/kg. This is also a record price for Robusta coffee in many years (after calculating inflation).

On the international trading floor, Robusta and Arabica coffee prices also had a “sublime” trading week. Most notably, Robusta coffee prices on the London (UK) trading floor at the end of last week increased by more than 150 USD/ton compared to the first session of the week. Thanks to that, world coffee trading opened this week with a good price foundation.

Currently, domestic coffee prices range from 59,200 - 59,700 VND/kg, reaching a record level in recent years.

According to experts, the sharp increase in Robusta coffee prices for delivery in July 2023 is due to concerns about a short-term shortage of Robusta supply. This is also clearly reflected in Vietnam's coffee exports - the world's largest Robusta coffee export market. Specifically, in the preliminary report on periodic commodity exports published by the General Department of Vietnam Customs, from May 1 to May 15, Vietnam exported more than 62,532 tons. Accumulated from the beginning of 2023 to May 15, 2023, Vietnam exported 778,986 tons of coffee, down 2.53% compared to the same period in 2022.

Experts are also concerned that the shortage of Robusta coffee supply is not only short-term but may also last long-term as European coffee import standards will become increasingly tightened.

Pepper price ends the week with a slight decrease

Pepper prices today (May 22) continue to maintain the same pace as yesterday's prices in the Southeast region and the Central Highlands region.

Specifically, in Ba Ria Vung Tau, pepper prices today are purchased by traders at 76,000 VND/kg, the same as yesterday's price. In Binh Phuoc, pepper prices today remain at 75,500 VND/kg, the same as yesterday's price, May 21.

In the Central Highlands region, pepper prices today are stable with an average price of 73,000 - 74,500 VND/kg.

In Gia Lai, the purchase price is 73,000 VND/kg, the same as yesterday's price (May 21). In Dak Lak and Dak Nong provinces, pepper prices today are stable at 74,500 VND/kg, also remaining unchanged.

In general, last week, pepper prices in the Southeast and Central Highlands regions continued to decrease slightly in the first days of the week and remained stable in the last days of the week. Currently, domestic pepper prices fluctuate around 73,500 - 76,000 VND/kg.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed an increase in prices for Indonesian pepper. Accordingly, the price of Lampung black pepper (Indonesia) closed at 3,628 USD/ton, up 0.03%; the price of Muntok white pepper was 6,171 USD/ton, up 0.02%. For the remaining countries, pepper prices remained stable. Specifically, the price of Brazilian black pepper ASTA 570 was at 2,950 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton; the price of Malaysian white pepper ASTA remained at 7,300 USD/ton.