Tomorrow (September 21), gasoline and oil prices are likely to drop sharply.

Tomorrow (September 21), the Ministry of Finance and Industry and Trade will adjust gasoline prices periodically.

Updated data from the Ministry of Industry and Trade shows,gasoline pricesFinished products on the Singapore market in this operating period decreased compared to the previous pricing period (September 12).

Specifically, the average price of RON 92 gasoline (used to blend E5 RON 92 gasoline) in Singapore updated to September 14 is 99.6 USD/barrel, while the price of RON 95 gasoline is 103.79 USD/barrel.

Will gasoline prices continue to decrease in the next management period? Photo: Tuan Anh

Similarly, the price of finished oil products in the Singapore market in this cycle also decreased sharply compared to the previous cycle. The average price of oil in the Singapore market updated to September 14 is as follows: diesel oil is priced at 123.77 USD/barrel, kerosene is priced at 120.03 USD/barrel, and fuel oil is 420.27 USD/ton.

In the world market, oil prices also plummeted, losing the 90 USD/barrel mark. According to data from Oilprice, at 6:15 p.m. on September 19 (Vietnam time), the price of US WTI crude oil was trading at 83.42 USD/barrel, down 1.99% compared to the previous session. Meanwhile, Brent crude oil was trading at 89.71 USD/barrel, down 1.8% compared to the previous session.

Last week, Brent oil prices rose to nearly $96 per barrel but then fell back to near $90 per barrel. Overall, oil prices fell nearly 2%. Compared to the peak of WTI oil prices at $130.5 per barrel and Brent oil prices at $140, which were reached in March this year, the prices of the two types of oil have now fallen more than 30%.

Due to the cooling of world oil prices and imported oil prices, domestic retail oil prices are expected to decrease in the oil price adjustment session tomorrow (September 21). However, the extent of the decrease depends on the management agency's spending of the Oil Stabilization Fund.

Leading somebusiness focal pointAccording to the Ministry of Petroleum, the average price of finished gasoline in the Singapore market is about 500-700 VND/liter lower than the domestic retail price; the price of diesel in the Singapore market is also about 2,000 VND/liter cheaper than the domestic price.

Therefore, in the operating period tomorrow (September 21), if the management agency does not draw from the Petroleum Price Stabilization Fund, the gasoline price may decrease by 500-700 VND/liter, and the oil price will decrease by about 2,000 VND/liter. In case the management agency draws from the Petroleum Price Stabilization Fund, the price of petroleum products may decrease less.

Since the beginning of the year, domestic gasoline prices have undergone 24 adjustments, including 13 increases, 10 decreases, and 1 unchanged. In the next adjustment period (September 21), if the reduction continues, domestic retail gasoline prices will return to the same level as in October last year.

In the most recent adjustment period (September 12), the Ministry of Industry and Trade - Ministry of Finance decided to reduce the prices of most domestic petroleum products. Accordingly, the price of RON 95 gasoline decreased by VND 1,020/liter, the selling price was VND 23,210/liter; E5 RON 92 gasoline decreased by VND 1,120/liter, the selling price was VND 22,230/liter, the lowest since the beginning of the year.

Meanwhile, diesel price decreased by 1,000 VND/liter, selling price is 24,180 VND/liter. With this decrease, diesel price is still higher than gasoline price.

Also in this operating period, the Ministry of Industry and Trade - Ministry of Finance implemented the allocation of the Price Stabilization Fund for E5 gasoline at 451 VND/liter; RON95 gasoline at 450 VND/liter, diesel at 90 VND/liter, kerosene at 200 VND/liter; at the same time, stopped spending the Price Stabilization Fund for petroleum products.

The Ministry of Finance said that in the first half of this year, domestic petroleum enterprises have allocated a total of 1,610 billion VND to the Price Stabilization Fund. The Fund also had to spend nearly 2,200 billion VND to stabilize domestic petroleum prices.

Regarding the management of gasoline prices, Deputy Prime Minister Le Minh Khai recently directed the Ministry of Finance to continue studying options to reduce value-added tax and special consumption tax on gasoline in case world prices increase.

Besides, the Ministry of Industry and Trade is closely coordinating with the Ministry of Finance to flexibly manage gasoline prices, ensuring that domestic gasoline prices reflect and closely follow world gasoline price developments./.