Gasoline prices may decrease tomorrow

Thi Ha• September 10, 2020 15:37

Businesses forecast that each liter of gasoline will decrease by around 150-300 VND in the context of falling world prices.

According to data from the Ministry of Industry and Trade,gasoline pricesThe average finished product price on the Singapore market updated to September 8 of RON 92 averaged 45.86 USD per barrel, RON 95 gasoline was 47.15 USD per barrel, both down nearly 4% compared to the previous period. Meanwhile, oil prices fell more sharply by 5% to 37.29 USD per barrel on September 8.

The leader of the petroleum hub in Ho Chi Minh City said that if the management agency does not use the Price Stabilization Fund in this adjustment period, the gasoline price will decrease by around 150-300 VND per liter (depending on the type), and the oil price will decrease by 100-350 VND per liter. On the contrary, if the Fund is used, the gasoline price can be kept the same.

Sharing the same view with the above leader, the director of a key enterprise in Hanoi believes that in this management period, the authorities will reduce gasoline prices. In previous periods, gasoline prices have increased, so tomorrow they will decrease to benefit consumers.

People refuel at the corner of Hai Ba Trung - Tran Cao Van (District 1, Ho Chi Minh City). Photo:Quynh Tran

At the executive session on August 27,Ministry of Industry and Trade - FinanceRON 95 has increased by 192 VND, to a maximum of 15,114 VND per liter. Meanwhile, E5 RON 92 gasoline remains at a maximum price of 14,409 VND per liter.

Oil prices have also decreased, with diesel down 240 VND and kerosene down 82 VND per liter. Madut oil has also maintained its highest price of 11,183 VND per kilogram as it did 15 days ago.

Along with adjusting the selling price, the operator uses the Petroleum Price Stabilization Fund tool. The deduction levelsPrice stabilization fundPrices of gasoline and oil have both decreased by 100 VND compared to 15 days ago. For example, the price stabilization fund for E5 RON 92 gasoline has decreased to 0 VND; RON 95 is now 100 VND per liter, and kerosene is now 200 VND per liter.