Gasoline prices have a chance to fall.

Authorities are considering lowering gasoline prices or adjusting the use of the price stabilization fund, as refined fuel prices worldwide are trending downwards.

At the Ministry of Industry and Trade's regular press conference on June 1st, the Director of the Domestic Market Department, Vo Van Quyen, stated that world oil prices have been falling over the past two weeks. Following the retail price increase on May 20th, the average price of A92 gasoline over the past 15 days (up to May 31st) has decreased by several tens of cents, to $81 per barrel. Diesel fuel, from an average price of $79, has fallen to approximately $76 per barrel.

According to the authorities, world prices are falling, so there is an opportunity to consider adjusting domestic prices or reducing the use of the price stabilization fund.

According to Decree 83 on petroleum price management, June 4th will be the date for announcing the base price for managing domestic petroleum prices. The Domestic Market Department stated that to manage domestic petroleum prices in line with global price fluctuations, the Ministry of Industry and Trade and the Ministry of Finance must base their calculations on the average price of 15 days, not just a few days before the adjustment period.

Mr. Quyen stated that world prices are trending downwards, creating an opportunity to consider adjusting domestic prices or reducing the use of the Fuel Price Stabilization Fund. He also expressed hope that world prices will continue to fall in the coming days.

Since the beginning of the year, gasoline prices have been adjusted five times, with two decreases and three consecutive increases. Most recently, on May 20th, gasoline prices increased by 1,200 VND, reaching 20,430 VND (RON 92) per liter. Meanwhile, the price stabilization fund is currently being used by the authorities at a rate of 324-1,054 VND per liter/kilogram of gasoline.

Starting this month, the environmental protection tax on gasoline increased from 1,000 VND to 3,000 VND per liter, and on diesel from 500 VND to 1,500 VND. Conversely, the regulatory agency reduced import taxes and pledged that the increase in environmental taxes would not affect retail prices.

According to VnExpress