Gasoline prices may increase sharply tomorrow
Gasoline prices on the world market are rising, sometimes reaching nearly 70 USD a barrel.
According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market in this cycle is 66.87 USD per barrel for RON 92 and nearly 69 USD per barrel for RON 95, up 6-7% compared to the previous period. Therefore, in the new adjustment period of 2/3, gasoline and oil prices may increase sharply.
The director of a petroleum wholesale company in Ho Chi Minh City said that the price of gasoline and oil has been continuously increasing, at times reaching nearly 70 USD per barrel. Currently, the price of gasoline imported by enterprises has increased by 800 - 900 VND per liter. Meanwhile, in previous adjustment periods, the management agency deducted and spent using the fund, so the gasoline price remained the same. Therefore, in tomorrow's adjustment period, if the management agency does not deduct and use the Stabilization Fund, the price may increase by 600 - 800 VND per liter. On the contrary, if the agency deducts and increases the use of the fund at a ratio of 50/50 (both using the fund and increasing the price), gasoline and oil may only increase by 300 - 500 VND per liter.
 |
Illustration |
In the adjustment period of February 15, the operator decided to increase the price stabilization fund to maintain domestic retail prices of gasoline and oil. The price stabilization fund for E5 RON 92 gasoline increased by VND259 per liter; for RON 95 gasoline, it was VND350 per liter. The price stabilization fund for oil products also increased by VND351 - 503 per liter/kg. In addition, gasoline and oil products will continue to receive an additional VND300 per liter/kg from this fund according to current regulations.
Accordingly, the maximum retail price per liter of E5 RON 92 gasoline is 16,272 VND; RON 95 gasoline is 17,603 VND. Oil products fluctuate at 13,275 - 14,909 VND per liter/kg depending on the type.
The joint ministries explained that keeping domestic retail prices unchanged is to regulate gasoline prices according to the market mechanism under State management, control inflation, stabilize the macro-economy and reduce input costs for production and business enterprises.
Previously, the Price Management Department (Ministry of Finance) announced that the balance of the Petroleum Price Stabilization Fund at the end of 2018 was more than 3,500 billion VND, a decrease of 1,600 billion VND compared to the same period in 2017. In 2018, the third quarter was the period when the Stabilization Fund had to be used the most (about more than 773 billion VND).