Gasoline prices in adjustment period, fluctuations reverse

According to data from the Ministry of Industry and Trade, the average price of finished gasoline and oil products onmarketSingapore updated to April 8 down from March 27 price calculation period.

Accordingly, the average price of RON 92 gasoline used to blend E5 RON 92 gasoline is 70.26 USD/barrel, down nearly 2% compared to the previous period (the previous period was 71.57 USD/barrel). RON 95 gasoline is 72.57 USD/barrel, also down about 2% compared to the previous period (the previous period was 73.64 USD/barrel).

Gasoline prices may decrease tomorrow afternoon (April 12). Photo: Xuan Hoang

Meanwhile, the average price of oil products also decreased slightly.

In the world market, crude oil prices also showed a clear downward trend. At the end of the weekend trading session, crude oil prices fell sharply. Specifically, WTI oil decreased by 0.28 USD/barrel, equivalent to 0.47%, to 59.32 USD/barrel; Brent oil decreased by 0.25 USD/barrel, equivalent to 0.4%, to 62.95 USD/barrel. Overall, this commodity decreased by a total of 2% last week. The reason for the decrease in oil prices is due to increased production and closures due to the Covid-19 pandemic in many countries around the world.

Before the developments ofpetrol priceAccording to experts, domestic gasoline and oil prices in tomorrow's adjustment session (April 12) may decrease following the trend of world gasoline and oil prices.

In the gasoline and oil price adjustment session tomorrow (April 12), if the Price Stabilization Fund (BOG) is not affected, the price of E5 RON 92 gasoline may decrease by up to 200 VND/liter, and the price of RON 95 gasoline may also decrease by up to 250 VND/liter.

Prices of petroleum products are also on the decline. According to forecasts, fuel oil prices may fall by nearly 600 VND/kg, diesel prices may fall by nearly 400 VND/liter and kerosene prices will also fall by more than 300 VND/liter.

If the management agency increases the provision or reduces the expenditure of the BOG Fund, gasoline prices will likely remain the same.

In recent operating periods, in order to support the production and business activities ofbusinessand people's lives, limiting the increase in gasoline prices, the Ministry of Industry and Trade - Ministry of Finance has continuously used the BOG Fund at a fairly high level (from the operating period from March 12, 2021 to now, the BOG Fund is being spent at a level of 600-2,000 VND/liter/kg for gasoline products.

Since the beginning of the year, the BOG Fund has continuously spent from 200-2,000 VND/liter/kg on gasoline and oil (specific BOG Fund spending levels for each period for each type of gasoline and oil are in the attached appendix). In this management period, if the BOG Fund is not continued to spend, gasoline and oil prices will increase by about 331-2,029 VND/liter/kg compared to current prices.

In the most recent adjustment period (March 27), the Ministry of Industry and Trade - Ministry of Finance decided to slightly increase gasoline prices and decrease oil prices. Specifically, E5RON92 gasoline is not higher than 17,851 VND/liter (up 129 VND/liter); RON95-III gasoline is not higher than 19,046 VND/liter (up 165 VND/liter). Prices of oil products decreased slightly. Diesel oil price is not higher than 14,243 VND/liter (down 158 VND/liter); kerosene is not higher than 13,004 VND/liter (down 169 VND/liter); mazut oil is not higher than 13,757 VND/kg (down 12 VND/kg).