Data from the Ministry of Industry and Trade shows that the average price of finished gasoline on the Singapore market updated to October 19 for RON 92 averaged $95.89 per barrel, and RON 95 gasoline was $98.63 per barrel, both up 9% compared to the previous period. Oil prices also fluctuated strongly, at times reaching over $96 per barrel.

Illustration photo. Source: Internet

According to the leader of a leading enterprise in Ho Chi Minh City, the world gasoline price has increased sharply in recent days. If the management does not withdraw from the Price Stabilization Fund, the gasoline price may increase by around 1,400-1,600 VND per liter in tomorrow's adjustment period. Meanwhile, the oil price will be adjusted by 200-1,200 VND. This could be the fourth consecutive increase in the past month. Thus, if the gasoline price increases as predicted tomorrow, each liter could approach 25,000 VND - the highest level in the past 5 years.

On the contrary, if the management agency allocates and uses the Price Stabilization Fund at a ratio of 50/50 (ie 50% use the fund, 50% decrease), the gasoline price will be adjusted to around 700-800 VND per liter. The oil price will increase by 200-600 VND per liter.

Sharing the same view, business leaders in Hanoi said that oil prices fluctuate strongly, however, with the current situation, the operator may use the fund instead of increasing it sharply.

According to leaders of key enterprises, since the beginning of the year, gworld petroleumhas increased by 60-70%. The reason is the shortage of coal and gas in China, India and Europe, forcing many countries to switch to using oil. Meanwhile, many oil supplying countries cannot increase production quickly to supply as agreed, pushing oil prices up.

In the October 11 adjustment period, each liter of gasoline increased by 930-970 VND and oil increased by 510-980 VND. Accordingly, RON 92 increased to 21,680 VND per liter, RON 95 to 22,870 VND per liter. Kerosene increased to 16,620 VND per liter, diesel to 17,540 VND per liter, and mazut to 17,090 VND per kilogram.

The management agency continues not to allocate the price stabilization fund for all items, but spends 950 VND on E5 RON 92 gasoline (an increase of 100 VND per liter compared to the previous period) and 150 VND on diesel, and 100 VND on kerosene.