Gasoline prices under pressure to increase for the fifth consecutive time
With world prices still rising, key businesses predict that domestic gasoline prices will continue to increase tomorrow but not as strongly as the previous adjustment period.
Data from the Ministry of Industry and Trade shows that gasoline pricesThe average price of RON 92 in the Singapore market as of November 2 was 100.66 USD per barrel, and RON 95 gasoline was 104.16 USD per barrel, up 3-4% compared to the previous period. Oil prices were less volatile, around 95 USD per barrel.
According to the leader of a key enterprise in Ho Chi Minh City, if the manager does not withdraw from the Stabilization Fund, tomorrow's operating period,Gasoline pricecould increase by 400-600 VND per liter while oil prices could remain stable. If forecasts are correct, this will be the fifth consecutive increase in the past two months.
If the management agency allocates and uses the Price Stabilization Fund at a ratio of 50/50 (ie 50% fund use, 50% reduction), the gasoline price will be adjusted around 200-300 VND per liter.
From another perspective, a leader of a petroleum hub in Hanoi said that the previous four consecutive increases were creating a "shock" to the prices of many goods and transportation activities, which also made the Government consider. Therefore, in this management period, he expected the operator to be able to use new measures to keep the price of petroleum unchanged.
At a recent meeting of the Price Steering Committee, Deputy Prime Minister Le Minh Khai requested to stabilize the price of this commodity, both to remove difficulties for production, business, and circulation of goods, and to support and promoteeconomic growth.
The Ministry of Industry and Trade and the Ministry of Finance are assigned to flexibly manage, calculate the level of deductions, and use the price stabilization fund reasonably to create room for price management during the Lunar New Year and create momentum for price control in 2022.
On October 26, each liter of gasoline increased by 1,430-1,460 VND and oil increased by 120-1,010 VND. In this adjustment period, the management agency spent 1,100 VND (150 VND more than the previous period) from the Price Stabilization Fund to compensate 400 VND for each liter of E5 RON 92; RON 95 gasoline. Diesel and kerosene have fund expenditure levels of 150 VND and 100 VND per liter, respectively. Madut oil does not spend from the fund, but instead deducts 100 VND per kilogram from the price stabilization fund.
