Gasoline price information chaos before adjustment

Some sources predict that gasoline prices will increase up to 20,000 VND per liter.

On the afternoon of May 4, gasoline prices may be adjusted again. The price of this item was supposed to be adjusted on April 28, however, due to falling in the middle of the holiday, the time has been postponed. Due to the increase in world gasoline prices and the environmental protection tax on gasoline products increasing by 300% (VND 1,000-3,000), it is very likely that domestic gasoline prices will increase shockingly.

This increase in gasoline prices is due to the upward trend in world oil prices. Specifically, world oil prices increased dramatically by 4 USD per barrel last weekend, causing the import price of gasoline products to increase by nearly 59 USD per barrel.

In the most recent session on May 1, the price of global benchmark Brent crude oil, delivered in June 2015 on the ICE Futures Europe London exchange, fell 32 cents, or 0.5%, to $66.46 a barrel. However, the price of oil still increased by 1.8% for the week.

The price of light sweet crude oil for June 2015 delivery on the Nymex New York floor decreased by 48 cents, equivalent to 0.8%, to 59.15 USD a barrel. The price still increased by 3.5% for the week.

Previously, from May 1, 2015, the environmental protection tax rate on some petroleum products was officially adjusted to increase 3 times compared to the current rate.

However, according to the Ministry of Finance's assertion, the increase in environmental protection tax as above will not increase domestic gasoline and oil prices, when at the same level of world gasoline and oil prices, the tax structure in gasoline and oil prices does not increase but decreases (the increase in environmental protection tax as above is still lower than the reduction in import tax due to implementation of international commitments).

Thus, each liter of gasoline will currently have to "carry" an additional 3,000 VND in Environmental Protection Tax. However, according to the Ministry of Finance's calculations, adding the tax rate to the price of A92 gasoline, Vietnamese consumers can still buy gasoline at a lower price than in other countries in the region such as Cambodia, Laos, China, Thailand...

Accordingly, domestic gasoline prices will certainly increase at this time. However, the increase may not be too shocking for consumers, instead of up to 20,000 VND per liter as many predicted before the adjustment date.

Currently, the retail price of RON 92 gasoline is 17,286 VND per liter, E5 gasoline is 16,956 VND per liter, and 0.05S diesel is 15,883 VND per liter.

In the previous adjustment on April 13, the Petroleum Price Stabilization Fund was strongly released and domestic petroleum prices were kept unchanged. However, up to now, when the fund deduction level is at 1,000 VND per liter, a price increase is inevitable.

Thus, after nearly a year of decline, domestic gasoline prices may soon be adjusted up for the third time since the beginning of the year.

According to Zing.vn