Gasoline prices under pressure to increase

If the price stabilization fund is not used more, retail gasoline prices may increase by 100-300 VND in the adjustment period on September 20, according to calculations by key enterprises.

Tomorrow (September 20) will be the time to announce the adjustment of gasoline prices for the new cycle. The price list of finished products in the Singapore market updated by the Ministry of Industry and Trade shows that the average price of RON 92 gasoline for this cycle is about 55.6 USD per barrel, an increase of 1.6% compared to the previous cycle (54.7 USD per barrel). At one point, gasoline prices increased sharply to 57 USD per barrel.

The change in the way special consumption tax is calculated makes each liter of gasoline 200 VND more expensive than before.

Many key businesses in Ho Chi Minh City said that in mid-August, gasoline prices increased sharply, then showed signs of cooling down in recent days. Gasoline prices in the new adjustment cycle, accordingly, are still facing pressure to increase by about 100-300 VND.However, this is still not a large enough amount to cover if the regulatory agency allows an increase in the use of the price stabilization fund (currently at 300 VND per liter), so the option of not adjusting the price is still likely to happen. On the contrary, the priceOil prices are likely to fall by about 100-200 VND per liter.

Previously, gasoline prices were adjusted up for the third consecutive time on September 5, after four price reductions since June 2016. Each liter of RON 92 is currently being sold at VND16,070. E5 gasoline also increased by VND611, to the highest level of VND15,836 per liter. Diesel increased to a maximum of VND12,388 per liter; kerosene increased by VND489 per liter to a maximum of VND10,985 per liter.

According to VNE