Gasoline and oil prices may continue to increase sharply

According to data from the Ministry of Industry and Trade,finished gasoline priceThe Singapore market as of March 9 fluctuated strongly compared to the previous half-month cycle.

The average retail price of 92 gasoline during this period was 71.09 USD per barrel, up 5.1%. 95 gasoline increased by the same amount to 72.68 USD, even reaching over 76 USD per barrel on some days. Kerosene and diesel prices increased more modestly, up 1.8% to 67.78 USD and 2.2% to 69.75 USD per barrel, respectively.

Illustration photo.

A representative of a major petroleum company in Ho Chi Minh City said that the attack on Saudi Arabia’s crude oil facility was one of the main reasons for the spike in world fuel prices to a one-year peak. In addition, the prospect of controlling the pandemic globally will help travel demand recover quickly.

Ministry of Industry and Trade - FinanceTherefore, the adjustment will increase by about 500 VND per liter of 92 gasoline, 600 VND per liter of 95 gasoline and 300-450 VND for oil products. "If the management agency spends the stabilization fund, the increase may be lower, but not likely much because the spending level is already relatively high," he said.

This person also predicted that after reaching a one-year peak, fuel prices may gradually cool down and break the upward trend in the adjustment period at the end of March.

During the adjustment period at the end of February, each liter of E5 RON 92 gasoline increased by VND722 to VND17,270. RON 95 increased by VND814 to VND18,084 per liter. Kerosene was VND12,610 per liter, an increase of VND702. Diesel oil was VND13,843 per liter, an increase of VND801.

The regulator also spent VND2,000 from the price stabilization fund to compensate for each liter of E5 RON 92 and RON 95 gasoline, which is VND1,150. If the fund is not spent, the selling price of these products will increase by VND1,305 - VND2,722 per liter.