Domestic gasoline prices tomorrow (October 2) may drop sharply
Domestic gasoline prices are forecast to drop sharply at tomorrow's regulation (October 2). If the regulator does not affect the Petroleum Price Stabilization Fund, gasoline prices could drop by around VND1,000/liter. Meanwhile, oil prices are likely to remain unchanged.
According to the schedule, today (October 1) is the retail price management period.gasolinedomestically every 10 days. However, due to coinciding with Sunday, according to the provisions of Decree 95/2021/ND-CP on petroleum trading, the retail price adjustment period for petroleum will be moved to the first working day of the new working week, which is Monday (October 2).
Domestic retail prices of gasoline and oil are directly affected by world gasoline and oil prices and finished gasoline and oil product prices in the Singapore market.
World oil prices fell slightly last week. Brent crude ended the week at $92.2 a barrel, while WTI crude was at $90.79 a barrel. Oil prices fell as investors took profits and concerns about a global economic recession.
Commenting on gasoline prices at tomorrow's management session (October 2), leaders of somebusinessAccording to the Petroleum Department, in this adjustment period, the average price of finished gasoline in the Singapore market has decreased significantly compared to the previous period and world oil prices have also tended to decrease. Therefore, the domestic retail gasoline price tomorrow may decrease accordingly.
According to forecasts, in tomorrow's operating period, if the operating agency does not affectPetroleum Price Stabilization Fund(BOG Fund) thenGasoline priceDomestic prices may decrease from 800-1,200 VND/liter depending on the type. Oil prices are likely to remain the same.
In case the Ministry of Industry and Trade - Ministry of Finance deducts from the BOG Fund, the domestic retail price of gasoline tomorrow may decrease less.
If the above forecast is correct, gasoline prices will reverse to decrease tomorrow after being adjusted sharply upward on September 21.
Since the beginning of the year, gasoline prices have undergone 27 adjustments, including 16 increases, 7 decreases, and 4 unchanged.
In the most recent adjustment period (September 21), gasoline prices were adjusted to increase sharply.
Specifically, the price of E5 RON 92 gasoline was adjusted up by VND720/liter, to VND24,190/liter. The price of RON 95 gasoline increased by VND870/liter, to VND25,740/liter.
Diesel price increased by 540 VND/liter, selling price is 23,590 VND/liter. Kerosene price increased by 630 VND/liter, selling price is not higher than 23,810 VND/liter. Mazut price increased by 140 VND/liter, up to 17,840 VND/liter.
In this operating period, the operating agency did not set aside but used the BOG Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil and kerosene at the rate of 300 VND/liter.
The Ministry of Finance said that the balance of the BOG Fund as of March 31, 2023 was more than VND5,640 billion. In the second quarter, the balance continued to increase rapidly due to increased provisions and limited fund expenditures. By June 30, the Fund balance reached VND7,424.7 billion.
In the third quarter, the Fund provision level was significantly reduced to reduce pressure on retail prices in the context of rising gasoline prices.
