Gasoline prices may continue to rise today

World prices are on a strong upward trend, sometimes exceeding 68 USD per barrel, creating pressure, causing domestic gasoline prices to continue their upward trend.

According to the 15-day cycle, January 4 is the time when retail gasoline prices are adjusted for the first time in 2017. According to the price data of finished products in the Singapore market announced by the Ministry of Industry and Trade, the average price of RON 92 gasoline is at 66.8 USD per barrel, up 5.2% compared to the previous cycle (over 63.45 USD per barrel). In recent days, gasoline prices have often remained above 68 USD per barrel.

Sharing with VnExpress, many key businesses in Ho Chi Minh City said that the world fuel price continues to climb, putting great pressure on the domestic retail market. With previous adjustments, the management agency used a high level of the stabilization fund, so now some places have run out of funds. Some businesses are losing over 1,000 VND per liter of gasoline sold at the current import price.

Gasoline prices may increase sharply today. Photo:Ngoc Thanh

“Since Tet is coming up, I think the management agency will likely continue to use the price stabilization fund, causing the price to increase by only about 200-300 VND per liter of gasoline and oil. If the additional fund is not used, the retail price may increase by another 500-600 VND per liter,” said a leader of a key business in Ho Chi Minh City.

In the previous adjustment period, gasoline prices increased to the peak of 2016 at 17,590 VND per liter, although the management agency increased the expenditure level using the Price Stabilization Fund by 100 VND per liter for mineral gasoline; 150 VND per liter for E5 gasoline (the previous period was 300 VND). The deduction level for kerosene increased by 90 VND per liter and mazut increased by 150 VND per kilogram compared to the previous period. The fund expenditure level for diesel oil remained unchanged at 250 VND per liter.

In 2016, domestic gasoline prices were adjusted 23 times, with 13 increases and 10 decreases.

According to VNE