Domestic gasoline prices may drop sharply this afternoon, world oil prices rise
Domestic gasoline prices are forecast to drop sharply this afternoon (December 12) despite the upward trend in world oil prices. Domestic gasoline prices may drop to around VND20,000/liter, the lowest level in 2022.
World oil prices last week recorded the biggest weekly decline in many months. Oil prices fell in all five trading sessions this week.
At the end of last week, WTI oil price decreased by 11.2% to 71.02 USD/barrel, Brent oil decreased by 11.05% to 76.10 USD/barrel. World crude oil price has fallen to the lowest level in a year.
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Photo Vietnamnet. |
The reason for the plunge in oil prices is due to growing concerns about economic recession and falling consumption.
However, this morning (December 12), world oil prices suddenly reversed and increased. According to Oilprice, at 7:57 a.m. on December 12 (Vietnam time), WTI oil price was trading at 72.05 USD/barrel, up 1.03 USD/barrel, equivalent to 1.45%. Meanwhile, Brent oil price increased 0.95 USD/barrel, equivalent to 1.25% to 77.16 USD/barrel.
Last week recorded the biggest weekly decline in months. Oil prices fell in all five trading sessions this week.
At the end of last week, WTI oil price decreased by 11.2% to 71.02 USD/barrel, Brent oil decreased by 11.05% to 76.10 USD/barrel. World crude oil price has fallen to the lowest level in a year.
The reason for the plunge in oil prices is due to growing concerns about economic recession and falling consumption.
However, this morning (December 12), world oil prices suddenly reversed and increased. According to Oilprice, at 7:57 a.m. on December 12 (Vietnam time), WTI oil price was trading at 72.05 USD/barrel, up 1.03 USD/barrel, equivalent to 1.45%. Meanwhile, Brent oil price increased 0.95 USD/barrel, equivalent to 1.25% to 77.16 USD/barrel.
Leaders of some key petroleum trading enterprises said that due to the sharp decrease in imported gasoline prices and world oil prices in recent days, domestic retail gasoline prices may decrease in the management period this afternoon (December 12).
However, the reduction will depend on the allocation of the Petroleum Price Stabilization Fund. If the management agency does not increase the allocation of the Petroleum Price Stabilization Fund, the price of gasoline may decrease by about VND1,290-1,600/liter, and the price of oil may decrease by VND930-1,640/liter.
If forecasts are correct, domestic retail gasoline prices will have the opportunity to decrease for the third consecutive time, bringing gasoline prices to over VND20,000/liter. This is the lowest level in 2022.
Regarding gasoline, the Ministry of Finance recently proposed adjusting the environmental protection tax rate on gasoline, oil, and grease applied in 2023 as in 2022. Specifically, the tax on gasoline and jet fuel is applied at a floor rate of VND1,000 per liter, the tax on diesel is VND500 per liter; fuel oil, lubricants, kerosene is VND300 per liter, and grease is VND300 per kg.
If not approved, from January 1, 2023, the tax on these items will return to the ceiling level, that is, 4,000 VND per liter of gasoline, 3,000 VND per jet fuel; 2,000 VND per liter of diesel, fuel oil, and lubricants; 1,000 VND per liter of kerosene; and 2,000 VND per kilogram of grease.
