Gasoline prices tomorrow (September 11) may increase for the 7th consecutive time
Domestic gasoline prices are expected to increase for the seventh consecutive time tomorrow (September 11). Accordingly, gasoline prices may increase slightly, from 50-120 VND/liter, while oil prices are likely to increase even higher.
According to the schedule, tomorrow (September 11) is the date for adjusting domestic gasoline retail prices in a 10-day cycle.
In the world market,Gasoline priceRecently there has been an upward trend as it has been increasing continuously for the past 2 weeks.
This week, world oil prices marked the second consecutive week of strong increases. Overall, the prices of the two benchmarks increased by about 2% this week.
At the end of this week, Brent oil price increased to 90.65 USD/barrel - the highest level in the past 9 months. Meanwhile, WTI oil price increased to 87.51 USD/barrel.
The reason for the increase in world oil prices is due to the increase in US diesel futures and concerns about tight oil supply after Saudi Arabia and Russia extended supply cuts until the end of the year.
Comments on gasoline prices at tomorrow's management session, leaders of somepetroleum businessbelieves that domestic gasoline prices are closely related to world crude oil prices and finished gasoline prices in the Singapore market. As world oil prices continue to rise, finished gasoline prices in the Singapore market also increase, so domestic gasoline prices tomorrow may increase following the trend of world gasoline prices.
According to forecasts, in tomorrow's adjustment period, domestic gasoline prices may increase from 50-120 VND/liter depending on the type, while oil prices may increase from 200-350 VND/liter.
In case the Ministry of Industry and Trade - Ministry of Finance deducts from the Petroleum Price Stabilization Fund, the domestic retail price of petroleum tomorrow may increase higher.
If forecasts are correct, domestic gasoline prices will increase for the seventh consecutive time tomorrow.
Since the beginning of the year, gasoline prices have undergone 25 adjustments, including 15 increases, 7 decreases, and 3 unchanged prices.
In the most recent adjustment period (September 5), gasoline prices were adjusted up, of which kerosene increased the most.
Specifically, the price of E5 gasoline increased by 140 VND/liter, to 23,470 VND/liter. The price of RON 95 gasoline increased by 270 VND/liter, the selling price increased to 24,870 VND/liter.
Diesel price increased by 290 VND/liter, selling price is 22,640 VND/liter. Kerosene price increased by 510 VND/liter, price up to 22,810 VND/liter.
In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to continue not to allocate and not to spend from the Petroleum Price Stabilization Fund for all petroleum products.
According to data from the Ministry of Finance, as of July, the Petroleum Price Stabilization Fund had a surplus of VND7,438 billion. Therefore, since the management period in early July until now, the management agency has stopped allocating to this fund.
