Tomorrow (October 23), gasoline and oil prices may reverse after 2 sessions of sharp decline.
Domestic gasoline prices at the adjustment session tomorrow (October 23) may reverse to increase after 2 sharp decreases. If the adjustment agency does not affect the Price Stabilization Fund, gasoline prices may increase by 250-600 VND/liter, while oil prices will increase less.
According to the calendar, October 21 is coming.retail price management period of gasolinedomestically every 10 days. However, due to coinciding with the weekend, according to the provisions of Decree 95/2021/ND-CP on petroleum trading, the retail price adjustment period for petroleum will be moved to the first working day of the new working week, which is Monday (October 23).
World oil and gas prices increased slightly last week, by more than 1%. Brent oil prices ended the week at 92.16 USD/barrel, while WTI oil prices were at 88.08 USD/barrel.
Last week, world oil prices increased sharply with Brent crude up 7.5% and WTI crude up 5.9%.
Thus, the world oil and gas prices have experienced two consecutive weeks of increase. The increase in oil and gas prices was due to the strong impact of the Israel - Hamas conflict, combined with the unexpected decrease in oil reserves in the US after many weeks of high increases.
Commenting on gasoline and oil prices at tomorrow's management session (October 23), leaders of somebusinessAccording to the Petroleum Department, in this adjustment period, world gasoline and oil prices increased, so domestic retail gasoline and oil prices tomorrow may increase accordingly.
According to forecasts, if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund) tomorrow, domestic gasoline prices may increase by 250-600 VND/liter depending on the type. Oil prices may increase by 50-120 VND/liter.
If the above forecast is correct, gasoline prices will reverse to increase tomorrow after two consecutive sharp decreases.
Since the beginning of the year, gasoline prices have undergone 29 adjustments, including 16 increases, 9 decreases, and 4 unchanged.
In the most recent adjustment period (October 11), gasoline prices were adjusted down sharply.
Specifically, the price of E5 gasoline decreased by VND1,600/liter, the selling price dropped to VND21,900/liter. The price of RON95 gasoline decreased by VND1,800/liter, the retail price was VND23,040/liter.
Diesel price decreased by 1,180 VND/liter, selling price not higher than 22,410 VND/liter. Kerosene price decreased by 1,350 VND/liter, to 22,460 VND/liter.
In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to stop setting aside and not spend from the Price Stabilization Fund.
Recently, the Ministry of Industry and Trade has a summary report on the content of the proposal to amend and supplement a number of articles of Decree 95 and Decree 83 on gasoline and oil trading.
Accordingly, the Ministry of Industry and Trade proposed to maintain the current regulations on price management mechanism (the State regulates prices) but will review some actual costs incurred, amend regulations on methods and frequency of determining costs to ensure adequacy and timeliness.
In addition, the time for reviewing and announcing costs included in gasoline and oil prices, currently 6 months, will be shortened to 3 months. In order for domestic gasoline and oil prices to closely follow and promptly update fluctuations in gasoline and oil prices in the world, the price management period will be reduced to 7 days, announced regularly every Thursday.
The Ministry of Industry and Trade believes that allowing retail agents to purchase gasoline from multiple sources (up to 3 sources) will create competition in terms of discounts. This is not contrary to the provisions of the Commercial Law as well as civil and economic laws.
