Gasoline prices may drop sharply tomorrow
World gasoline prices are down 6-7% compared to the previous cycle, and domestic prices are expected to fall as well.
According to data from the Ministry of Industry and Trade, the average price of finished gasoline in the Singapore market in this cycle is 75 USD per barrel for RON 92 and 77 USD per barrel for RON 95, down 6-7% compared to the previous period. Following the same trend, oil prices have slightly decreased. It is forecasted that the adjustment period on May 17 will see gasoline and oil prices decrease sharply after a series of consecutive increases.
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| Gasoline prices may fall tomorrow. |
Accordingly, if the management agency deducts and maintains the same level of disbursement from the price stabilization fund, the price of gasoline may decrease by 600 - 800 VND per liter, and that of oil by about 200 VND. On the contrary, if the operator continues to deduct and only use the price stabilization fund at a ratio of 50/50 (both spending the fund and reducing prices), the price of gasoline may decrease slightly by about 300 - 400 VND per liter.
"Although gasoline prices have dropped sharply, there are still businesses with negative balances in the stabilization fund. Therefore, in this management period, the management agency will still allocate more funds and gasoline prices will still be forced to adjust according to market prices due to the continuous increase in recent times," said a leader of a key business in Binh Duong.
In the May 2nd adjustment period, the Ministry of Industry and Trade - Ministry of Finance adjusted the price of gasoline and oil for the third consecutive time, since mid-March. Specifically, E5 RON 92 gasoline increased by VND985 per liter, RON 95 gasoline increased by VND956. Oil products also increased by VND311 - VND385 per liter, kg depending on the type.
After the price increase, RON 95 gasoline exceeded 22,000 VND per liter, up to a maximum of 22,191 VND; E5 RON 92 gasoline was up to 20,688 VND per liter. Diesel has a new price of 17,695 VND, kerosene 16,625 VND.
The gasoline price stabilization fund deduction level remains unchanged at VND300 per liter, but the operator continues to spend VND925 per liter on E5 RON 92 gasoline and VND283 per liter on RON 95 gasoline. These spending levels are down VND460 - VND531 per liter compared to the management period 15 days ago.