Gasoline could drop by up to VND1,500 per liter tomorrow
World market data shows that gasoline prices have turned down to below $70 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 69 USD per barrel for RON 92 and 70 USD per barrel for RON 95, down 13% compared to the previous period. Therefore, in the new adjustment period on November 21, gasoline and oil prices will plummet.
The director of a major petroleum company in Ho Chi Minh City said that gasoline prices have been falling sharply in recent months. Therefore, in this new adjustment period, the average price of gasoline and oil could decrease by 1,000 - 1,500 VND per liter.
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"In the previous adjustment period, the operator deducted from the Price Stabilization Fund 700 VND per liter for E5 RON 92 gasoline, 91 VND for kerosene, and 267 VND per kilogram for mazut. If the stabilization agency drains the entire fund in this adjustment period, gasoline and oil prices will still decrease by about 600 - 800 VND per liter, and RON 95 could decrease by up to 1,500 VND," said the director of a petroleum wholesale enterprise in Ho Chi Minh City, adding that, on the contrary, if the fund is kept the same, gasoline prices will decrease by 1,300 - 1,500 VND per liter, and oil prices will decrease by another 1,000 VND.
In the adjustment period of November 6, domestic retail gasoline prices decreased by more than VND1,000 per liter, respectively VND1,138 for RON 95 gasoline and VND1,082 for E5 RON 92 gasoline. Meanwhile, diesel decreased by VND67 while kerosene and fuel oil remained unchanged in price.
After adjustment, diesel is 18,544 VND per liter. E5 RON 92 gasoline has a new maximum price of 19,600 VND; RON 95 gasoline is 21,065 VND per liter. Kerosene remains at 17,080 VND per liter.
Since the beginning of the year, there have been 20 times of gasoline price adjustment, of which 6 times gasoline price increased and 3 times decreased. Regarding the balance of the Petroleum Price Stabilization Fund, the Ministry of Finance said that by the end of the third quarter, the fund balance was 3,039 billion VND. Compared to the end of 2017, the fund balance decreased by 2,066 billion, equivalent to a decrease of about 40%.
