Today, will gasoline prices increase again?

Representatives of many businesses said that gasoline and oil prices could be adjusted up to 400 VND/liter.

Today (August 19) is the day the management agency will announce the base price, from which businesses will adjust the retail price of domestic gasoline and oil.

According to the Ministry of Industry and Trade, the world oil price in the past 15 days (from August 4) has been on a continuous upward trend. The price of gasoline in the Singapore market has increased from 47.16 USD/barrel to nearly 53 USD/barrel. The price of diesel and kerosene is both above 55 USD/oz.

Currently, domestic enterprises are losing 300 - 400 VND/liter of gasoline and oil. (Illustration photo: KT)

The Ministry of Finance’s report also said that by the end of the second quarter, 14 out of 21 enterprises had negative balances in the price stabilization fund. According to current regulations, key petroleum enterprises are allowed to use the price stabilization fund with permission from the competent authorities, the Ministry of Industry and Trade and the Ministry of Finance, to keep domestic retail prices lower than the base price. However, the total balance of the price stabilization fund for petroleum has decreased by more than 60% compared to the first 3 months of the year.

According to calculations by some leaders of petroleum trading enterprises, in the context of the fluctuating world petroleum prices in recent days, domestic enterprises are currently losing from 300 - 400 VND/liter of gasoline and oil. Therefore, it is likely that in today's adjustment, the prices of petroleum products will be adjusted upward.

Specifically, according to businesses, if in this adjustment the regulatory agency increases gasoline and oil prices and combines it with the release of the Price Stabilization Fund, the increase in gasoline and oil prices will be around 200 - 300 VND/liter. However, if the regulatory agency only decides to increase prices without releasing the BOG fund, gasoline and oil prices could increase by up to 400 VND/liter.

If gasoline and oil prices increase in this adjustment, this will be the first time gasoline and oil prices increase after four consecutive price reductions since June 20. In the most recent adjustment, gasoline retail prices decreased by 593 - 604 VND/liter; oil prices decreased by 371 - 637 VND/liter (kg).

According to VOV