Gasoline prices tomorrow may decrease by 3,000 - 4,000 VND/liter
Domestic gasoline prices tomorrow may drop by 3,000 - 4,000 VND/liter due to Covid-19 and the oil price war causing world prices to plummet.
Today is the new cycle of gasoline price adjustment, but it is a holiday so the price will be changed tomorrow (March 16).
According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market over the past 15 days was 43 USD per barrel for RON 92 and 44 USD per barrel for RON 95, down 30-35% compared to the previous period. At the same time, oil prices plummeted. Therefore, gasoline and oil prices tomorrow may fall sharply, marking the fifth consecutive price reduction.
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Petrolimex staff selling gasoline to customers. Photo:Thanh Nguyen. |
Talk toVnExpress, director of a petroleum company in Ho Chi Minh City, said that the world oil price has dropped to 30 USD per barrel in the past 15 days. This is the most shocking price drop in more than a year. The reason is that Covid-19 spreads around the world, causing a decrease in travel and production demand, while increased supply causes prices to drop sharply.
"After WHO declared Covid-19 a pandemic, world oil prices fell sharply on Thursday, with WTI at $30.47 a barrel, while Brent fell to $33.59 a barrel. Therefore, the average price is still very low, so tomorrow's adjustment period for gasoline and oil prices may decrease by VND3,000-4,000 per liter," said the director of a key enterprise in Ho Chi Minh City.
He also said that in other cases, if the management agency uses more of the price stabilization fund, the price of gasoline could decrease by about 2,000-2,500 VND per liter. This is still the sharpest decrease since the beginning of 2019.
According to petroleum businesses, purchasing power in the market has also decreased significantly compared to the same period due to the increase in the epidemic.
On February 29, gasoline prices decreased by 157-253 VND, kerosene and diesel also decreased by 278-390 VND, while fuel oil increased by 102 VND. After adjustment, the maximum price of E5 RON 92 gasoline is 18,346 VND per liter, RON 95 gasoline is no higher than 19,127 VND, diesel is 14,785 VND, kerosene is 13,676 VND and fuel oil is a maximum of 11,754 VND per kg.
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