Will gas prices continue to rise sharply tomorrow?

Petroleum wholesale enterprises predict that in the adjustment period tomorrow (November 19), gasoline prices will increase to compensate for the loss of retail prices compared to the base price.

Calculations by key enterprises in Ho Chi Minh City show that if the use of the price stabilization fund is not changed and taxes and fees remain the same, the retail price of gasoline may increase by 350 - 400 VND/liter. Kerosene and diesel will have higher increases, but the regulatory agency will intervene with the price stabilization fund.

These businesses also said that if the fund allocation and release levels are kept unchanged by the regulatory agency, gasoline prices could increase by VND300-400 per liter. Meanwhile, oil products will have a stronger adjustment, about VND500 per liter.

In the previous adjustment period, RON 92 gasoline increased by 271 VND/liter, the applied retail price was 18,146 VND/liter.

“Currently, the retail price of gasoline is losing about 600 VND/liter, while that of oil is 350 VND/liter. Therefore, in tomorrow's adjustment session, the price will definitely increase. But the increase depends on the level of fund release,” said the director of a petroleum company.

This person added that world prices are on a downward trend, but the room for the 15-day cycle is still large, so the adjustment level can still increase.

Specifically, the price of finished petroleum products in the Singapore market has decreased. In the past 15 days, the price of RON 92 gasoline in this market has decreased by nearly 3 USD/barrel, from 74 USD/barrel to 71 USD/barrel.

In the previous adjustment period, RON 92 gasoline increased by VND271/liter, the applied retail price was VND18,146/liter; E5 gasoline increased by VND224/liter to VND17,858/liter. Diesel oil price increased by VND201/liter, kerosene increased by VND199/liter and fuel oil increased by VND265/kg.

Gasoline price chart in the last 6 months of 2017.

In this adjustment period, the Joint Ministry also decided to increase the expenditure on the Petroleum Price Stabilization Fund. The expenditure on mineral gasoline increased to 300 VND/liter (previously 130 VND/liter), E5 gasoline to 300 VND/liter (previously 110 VND/liter), diesel oil to 250 VND/liter (previously 180 VND/liter), kerosene to 200 VND/liter, and fuel oil to 270 VND/kg (previously 100 VND/kg).

Since the beginning of the year, gasoline prices have undergone 20 adjustments, including 8 price increases, 9 price decreases, and 3 price unchanged.

According to Tien Phong Newspaper