Gasoline prices may fall tomorrow
After 4 consecutive increases, each liter of gasoline tomorrow may decrease by 300 VND, and oil by 500 VND if the operator does not use the fund.
Data from the Ministry of Industry and Trade shows that the average price of finished products on the Singapore market updated to November 17 for a barrel of RON 92 gasoline was $95.2, and RON 95 was $101.1, down from the previous cycle. Oil prices also fell below $127 per barrel.
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| People wait to fill up at a gas station on Dang Van Bi Street, Thu Duc City. Photo:Quynh Tran |
Share withVnExpress, the leader of a key enterprise in the South said that the world oil price fluctuated downward last week, so on November 21, the price of this item will be adjusted simultaneously.
"Gasoline prices could drop by 100-300 VND, and oil prices could drop by 400-500 VND. If the management agency uses and allocates funds, gasoline and oil prices will remain the same," said a leader of a key business in the South.
Sharing the same view, according to the director of a petroleum distribution company in the North, in the next management period, the management agency may keep the price of petroleum unchanged if it draws from the fund. The reason is that the distribution companies are still not profitable, if they continue to reduce prices, these units will have a lot of difficulty because of prolonged losses.
In the November 11th management period, each liter of gasoline was more expensive by 840-1,110 VND per liter. Accordingly, the price of RON 95-III increased to 23,860 VND per liter; E5 RON 92 was 22,710 VND per liter. Despite the increase in selling prices, distributors said they still had difficulty importing goods. In Ho Chi Minh City, many gas stations have been closed for 2-3 weeks and have not reopened.
Recently, the HCM City market management department inspected and reviewed and discovered that many key businesses registered to import and sell goods but all stopped operating. This agency is requesting the authorities to handle it according to regulations.
In the world market, the price of US WTI crude oil has decreased by 1.56 USD, equivalent to a loss of nearly 2%, to 80.08 USD per barrel; the price of Brent crude oil has decreased by 2.41% to 87.62 USD per barrel. After 3 consecutive sessions of decrease, the average price of Brent and WTI oil for the whole week has decreased sharply by about 9% and 10%, respectively.
The reason for the plunge in global oil prices is due to concerns about falling fuel demand in China. This country is looking to reduce crude oil imports after Covid-19 infections continue to rise.
The International Energy Agency (IEA) has forecast demand growth will slow to 1.6 million barrels a day in 2023 from 2.1 million barrels a day this year.
