Gasoline prices will rise sharply tomorrow (February 11).
According to leading fuel distributors, in the next price adjustment period, each liter of gasoline will increase by over 1,000 VND due to the continuous rise in import prices recently.
Following the Lunar New Year holiday, gasoline and diesel prices will be adjusted on February 11th.
Data ofMinistry of Industry and TradeAs of February 7th, the average price of RON 92 gasoline is $101.8 per barrel, while RON 95 gasoline is $104.13 per barrel. This represents a 7% increase compared to the previous price adjustment.
Share withPVAccording to a leader of a petroleum distribution company in Ho Chi Minh City, the increasing global demand for gasoline and oil, tensions between Russia and Ukraine, and supply disruptions from producers like Libya mean that prices for these products show no signs of cooling down.
"During this price adjustment period, gasoline prices may be adjusted by around 1,000 - 1,200 VND per liter. Diesel prices will increase by around 800 - 900 VND per liter," said a leading distributor in Ho Chi Minh City.
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According to this source, the previous price adjustment period coincided with holidays, so authorities did not adjust prices, causing losses for importing businesses. Therefore, this time the authorities are forced to consider increasing prices.
Sharing the same viewpoint, the leadershippetroleum distributorsIn Hanoi, it is argued that when import prices escalate above $100 per barrel, if the authorities keep retail prices down, domestic supply will be difficult to stabilize.
Alternatively, if authorities remain determined to prevent gasoline and diesel prices from rising significantly, they could use the price stabilization fund while simultaneously increasing prices by 600-700 VND per liter.
If this forecast is accurate, it would be the third consecutive increase in gasoline prices since the beginning of the year.
At the price adjustment on January 21, 2022, the price of E5 RON 92 gasoline increased by 440 VND to 23,590 VND per liter, and RON 95 gasoline increased by 490 VND to 24,360 VND per liter.
Prices of all petroleum products have increased. Kerosene is 17,790 VND per liter, up 660 VND. Diesel is 18,900 VND per liter, up 670 VND. Fuel oil is 16,990 VND per kilogram, up 630 VND.
