Domestic gasoline prices at tomorrow’s operating period (March 21) are likely to increase according to world prices. According to forecasts, gasoline prices may increase by 650-680 VND/liter. Thus, the price of RON95 gasoline will exceed 24,000 VND/liter.
Tomorrow (March 21) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83.
Currently, domestic gasoline prices are affected by world gasoline prices and the Singapore market.
On the world market, oil prices last week increased sharply after declining the previous week. Overall for the past week, Brent oil prices increased by 4% and WTI oil prices increased by 3.9%.
This week, world oil prices continued to increase, reaching a 4-month high. Brent oil price has surpassed 87 USD/barrel, WTI oil price has reached 83 USD/barrel.
According to data from Oilprice, at 6:46 a.m. on March 20 (Vietnam time), Brent oil price was trading at 87.38 USD/barrel, up 0.49 USD, equivalent to 0.56% compared to the previous session. before. WTI oil price was at 83.12 USD/barrel, down 0.35 USD, equivalent to 0.42% compared to the previous session.
In the Singapore market, in the past period, the average price of finished gasoline in this market increased compared to the previous period, a relatively large increase.
Domestic gasoline prices may increase sharply tomorrow. Photo: Nguyen Hue
Based on developments in world gasoline prices, leaders of some petroleum businesses said that domestic gasoline prices at tomorrow’s operating period (March 21) may increase according to world prices.
Petroleum businesses said that if the executive agency does not spend the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices could increase by 650-680 VND/liter. Diesel prices are likely to increase by 500 VND/liter.
If the above forecast is correct, domestic gasoline prices will increase again after two consecutive decreases. If so, the price of RON95 gasoline could exceed 24,000 VND/liter.
In case the Ministry of Industry, Trade and Finance spends the BOG Fund, gasoline prices may increase less.
From the beginning of the year until now, gasoline prices have increased 6 times and decreased 5 times.
In the most recent gasoline price adjustment period (March 14), retail prices of petroleum products were adjusted in the direction of slightly reducing gasoline prices and increasing oil prices.
Specifically, the price of E5 gasoline decreased by 20 VND/liter, the selling price is 22,490 VND/liter. RON95 gasoline price decreased by 10 VND/liter, the selling price dropped to 23,540 VND/liter.
Meanwhile, the price of diesel increased by 70 VND/liter, the selling price increased to 20,540 VND/liter. The price of kerosene increased by 100 VND/liter, reaching 20,700 VND/liter.
During this executive period, the joint ministries of Finance – Industry and Trade did not set aside nor spend the Stabilization Fund for most types of gasoline and oil, except for fuel oil, which spent 300 VND/liter.