Gasoline prices could drop sharply.
After surging above $90 a barrel, world gasoline prices are now trending downwards in the latest adjustment period. The scheduled gasoline price adjustment for October 21st was postponed to Monday, October 22nd, because it was a holiday.
According to data from the Ministry of Industry and Trade, the average price of finished gasoline products in the Singapore market in the new cycle is $88 per barrel for RON 92, a decrease of nearly 3% compared to the previous cycle. RON 95 is $91 per barrel, a decrease of 5%. This indicates that gasoline prices have reversed course and fallen sharply after reaching record highs over the past nine months.
According to leading fuel distributors, at the latest price adjustment on October 22nd, gasoline and diesel prices could decrease by 200-600 VND per liter if the regulatory agency maintains the price stabilization fund at its current level. Conversely, if the regulator uses the price stabilization fund according to the 50/50 principle (partially using the fund and partially reducing prices), gasoline prices could decrease by 200-300 VND, while diesel prices remain unchanged.
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At the price adjustment on October 6th, domestic gasoline and diesel prices increased simultaneously by 403 - 752 VND per liter or kilogram, depending on the type.
Specifically, E5 RON92 gasoline increased by 675 VND per liter; RON 95 gasoline increased by 577 VND; kerosene by 403 VND, diesel by 485 VND, and the highest increase was for fuel oil at 752 VND per kilogram.
After the adjustment, the maximum price per liter of E5 RON92 gasoline is 20,906 VND; RON95 is 22,347 VND; diesel fuel is priced at 18,611 VND, kerosene at a maximum of 17,086 VND, and fuel oil at 15,694 VND.
This is the highest price increase for gasoline and diesel since the beginning of the year. Therefore, in the previous adjustment, the inter-ministerial committee continued to release funds from the Price Stabilization Fund for gasoline and diesel, with E5 RON92 gasoline at 1,563 VND per liter and RON 95 at 700 VND per liter. Other diesel products received 300-400 VND per liter from the fund. Simultaneously, the authorities stopped allocating funds to the Price Stabilization Fund for gasoline and diesel, reducing it to 0 VND per liter/kilogram.