Gasoline prices are under pressure to rise.
With world gasoline prices rising by 6-7%, if the government wants to keep prices under control, it may have to heavily draw from the price stabilization fund, especially as electricity prices are also about to be adjusted.
March 17th was the scheduled date for the new gasoline price adjustment cycle, but because it was a holiday, the regulatory agency postponed it to Monday (March 18th).
According to data from the Ministry of Industry and Trade, the average price of finished gasoline products in the Singapore market during this cycle was $71.05 per barrel for RON 92 and nearly $72.65 per barrel for RON 95, an increase of 6-7% compared to the previous period.
Therefore, in the upcoming price adjustment on March 18th, many believe that gasoline and diesel prices may continue to rise sharply. The director of a major petroleum distribution company in Ho Chi Minh City stated that world oil prices have been continuously escalating, and this is a cycle where gasoline prices have reached record highs in the past year, at times reaching $76 per barrel. Therefore, in tomorrow's adjustment, if the regulatory agency does not utilize the Price Stabilization Fund, prices could increase by 600-800 VND per liter. Conversely, if the agency utilizes and increases spending from the fund at a 50/50 ratio (partially using the fund and partially increasing prices), gasoline and diesel prices might only increase by 300-400 VND per liter.
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Gasoline prices are under significant pressure to rise. (Photo:)Ngoc Thanh. |
However, some argue that despite significant pressure from global price adjustments, gasoline and diesel prices can still be kept under control to avoid a strong impact on the CPI, especially given the projected increase of over 8% in average electricity prices from the end of March.
At the price adjustment on March 2nd, authorities increased the price of E5 RON 92 gasoline by 939 VND per liter and RON 95 gasoline by 946 VND per liter. Kerosene prices also increased by 700-959 VND per liter or kilogram, depending on the type.
Following the price increase, the maximum price for E5 RON 92 gasoline is 17,211 VND per liter, RON 95 gasoline is 18,549 VND; diesel is 15,868 VND; kerosene is 14,855 VND and fuel oil is 14,083 VND per kilogram.
Along with the price increase, the authorities also increased the amount released from the Price Stabilization Fund for gasoline. Specifically, the amount released from the fund for E5 RON 92 gasoline increased to 2,000 VND per liter; and for RON 95 gasoline to 1,250 VND. Meanwhile, the amount released from the fund for diesel and kerosene remained the same as 15 days ago, while the amount released from the fund for fuel oil decreased to 1,400 VND per kilogram.
