Tomorrow, will gas prices turn down?

According to experts and businesses, after many increases, gasoline prices will likely be adjusted down in the basic price change tomorrow, June 19.

Following the 15-day cycle of gasoline and oil management, starting from the most recent adjustment on June 4, this afternoon, June 19, will be the time for the Ministry of Industry and Trade - Ministry of Finance to calculate and announce the base prices of gasoline and oil products.

Like many previous price adjustments, the Ministry of Industry and Trade and the Ministry of Finance said that the adjustment of domestic gasoline prices is gradually approaching world gasoline prices, contributing to supporting input costs of production and business enterprises, supporting people's daily lives.

Tomorrow, will gas prices turn down?

According to data updated by the Ministry of Industry and Trade to the latest update on the Ministry of Industry and Trade's website, as of June 15, the base price of RON 92 gasoline in Singapore was 54.75 USD/barrel.

The price of kerosene is 58.45 USD/barrel, diesel is 57.90 USD/barrel, and fuel oil is 233.98 USD/ton. This cycle, the price of RON 92 gasoline in Singapore peaked on June 9 at 58.88 USD/barrel.

Thus, compared to the adjustment on June 4, the price of RON 92 gasoline has decreased by more than 3.3 USD/barrel, kerosene has decreased by 0.5 USD/barrel, diesel has decreased by 0.56 USD/barrel and fuel oil has increased by 0.31 USD/barrel. In general, from June 6 to June 15, the average price of RON 92 gasoline is 56.93 USD/barrel.

In the international market, oil prices have been continuously decreasing in recent days. In the session on June 16 alone, the price of light sweet crude oil for July delivery decreased by 1.8 USD (-3.7%) to 46.21 USD/barrel, the lowest level since May 13; the price of Brent crude oil for August delivery decreased by 1.78 USD (-3.6%) to 47.19 USD/barrel.

Speaking to the press, the leader of a Northern petroleum wholesale business said that due to the continuous decrease in world oil prices in recent days, domestic petroleum wholesale businesses are making a profit of 200-300 VND/liter of gasoline. However, the oil price is still losing 150-200 VND/liter.

Therefore, according to this leader, in the next management, "if the management agency allows businesses to increase the level of spending on the Petroleum Price Stabilization Fund (BOG) for oil products, the price of this product will remain the same; otherwise, the oil price may increase slightly. As for gasoline, the price may decrease slightly by 200-300 VND/liter because the current BOG Fund deduction level is 300 VND/liter, so the fund deduction level will not increase," the above leader predicted.

However, according to him, how domestic gasoline prices will be adjusted in the coming days will depend on the developments in world gasoline prices from now until early next week. If world prices turn upward, gasoline prices may remain unchanged.

Previously, in the most recent adjustment of the basic selling price on May 20, the Ministry of Finance - Ministry of Industry and Trade decided to increase 680 VND/liter of RON 92 gasoline, to a maximum price of 16,509 VND/liter; the price of bio-fuel (E5) increased 668 VND/liter, to a level not exceeding 15,983 VND/liter.

For oil products, diesel price increased by 608 VND/liter, to a maximum of 11,908 VND/liter and kerosene increased by 688 VND/liter, to a maximum of 10,297 VND/liter; fuel oil increased by 241 VND/liter to 8,391 VND/liter.

Since the beginning of March, retail gasoline prices have increased five times, by a total of about 3,000 VND.

According to DNVN