Gasoline and diesel prices are likely to drop sharply tomorrow (September 21).

Tomorrow (September 21st), the Ministry of Finance and the Ministry of Industry and Trade will adjust gasoline and diesel prices according to the regular schedule.

Updated data from the Ministry of Industry and Trade shows that,gasoline pricesFinished goods on the Singapore market in this pricing period are lower than in the previous pricing period (September 12).

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

Will gasoline prices continue to fall in the next price adjustment period? Photo: Tuan Anh

Similarly, refined oil prices in the Singapore market during this cycle also fell sharply compared to the previous cycle. The average oil prices in the Singapore market, updated as of September 14th, are as follows: diesel at $123.77/barrel, kerosene at $120.03/barrel, and fuel oil at $420.27/ton.

On the world market, oil prices also plummeted, falling below the $90/barrel mark. According to data from Oilprice, at 6:15 PM on September 19th (Vietnam time), US WTI crude oil was trading at $83.42/barrel, down 1.99% from the previous session. Brent crude oil was trading at $89.71/barrel, down 1.8% from the previous session.

Last week, Brent crude oil prices briefly rose to nearly $96 per barrel but then fell back to around $90 per barrel. Overall for the week, oil prices fell by almost 2%. Compared to the peaks of $130.5 per barrel for WTI crude and $140 per barrel for Brent crude reached in March of this year, the prices of both types of oil have now fallen by more than 30%.

Due to the cooling down of global and imported gasoline prices, retail gasoline prices in Vietnam are forecast to decrease at tomorrow's price adjustment (September 21st). However, the extent of the reduction will depend on how the regulatory agency utilizes the Gasoline Price Stabilization Fund.

Leaders of somekey business enterprisesAccording to the petroleum industry, the average price of refined gasoline in the Singapore market is currently about 500-700 VND/liter lower than the retail price of gasoline in Vietnam; the price of diesel in the Singapore market is also about 2,000 VND/liter cheaper than the domestic price.

Therefore, in tomorrow's price adjustment (September 21st), if the regulatory agency does not draw from the Fuel Price Stabilization Fund, gasoline prices could decrease by 500-700 VND/liter, while diesel prices would decrease by approximately 2,000 VND/liter. If the regulatory agency does use the Fuel Price Stabilization Fund, the price reductions for petroleum products could be smaller.

Since the beginning of the year, domestic gasoline prices have undergone 24 adjustments, including 13 increases, 10 decreases, and 1 time remaining unchanged. In the next price adjustment (September 21st), if further reductions are implemented, retail gasoline prices in Vietnam will return to the level of October last year.

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

Meanwhile, the price of diesel decreased by 1,000 VND/liter, bringing the selling price to 24,180 VND/liter. Despite this decrease, the price of diesel remains higher than the price of gasoline.

Also during this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance decided to allocate funds to the Price Stabilization Fund for E5 gasoline at 451 VND/liter; RON95 gasoline at 450 VND/liter, diesel at 90 VND/liter, and kerosene at 200 VND/liter; while simultaneously ceasing disbursements from the Price Stabilization Fund for petroleum products.

According to the Ministry of Finance, in the first half of this year, domestic petroleum businesses contributed a total of VND 1,610 billion to the Price Stabilization Fund. The Fund also had to disburse nearly VND 2,200 billion to stabilize domestic petroleum prices.

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

In addition, the Ministry of Industry and Trade is working closely with the Ministry of Finance to manage gasoline and diesel prices flexibly, ensuring that domestic prices reflect and closely follow global fuel price fluctuations.