The operating period on July 11 is forecasted that gasoline prices will drop sharply, below the mark of 30,000 VND/liter thanks to the effective environmental protection tax reduction policy and the continuous plunge in crude oil prices.
Data from the Ministry of Industry and Trade shows that the price of gasoline and finished oil on the Singapore market updated to July 5 has dropped sharply compared to the previous period.
Specifically, the average gasoline RON 92 (the type used to mix E5 RON 92 gasoline) is 138.5 USD/barrel; RON 95 gasoline is 147.2 USD/barrel. Meanwhile, the average price of petroleum products in the world in the previous operating period was at 147.8 USD/barrel of RON 92 gasoline; 154.8 USD/barrel of RON 95 gasoline.
Talking to Zing, a leader of a southern key business said that compared to 10 days ago, the retail price of gasoline in the country is higher than the price of finished products in Singapore by about 2,100-2,300 VND/liter, oil is about 1,600-2,100 VND/liter higher than the finished product price.
Therefore, in the next operating period, the price of gasoline will likely drop sharply by about 2,100-2,300 VND/liter, in addition, combined with the effective environmental protection tax reduction resolution, this item is likely to decrease by more than 3,000 VND/liter.
In addition, according to this position, the reduction must also be based on the price of finished oil products on the Singapore market in the next few days, because now crude oil prices are tending to move slightly back. At the same time, it is up to the operating agency to calculate whether to deduct the stabilization fund or not.
According to data from Trading Economics, in the past 24 hours, there was a time when the price of WTI oil reached the threshold of 96.6 USD/barrel, then rose again to the threshold of 102 USD/barrel. Similarly, Brent oil price is now at 104.6 USD/barrel after plunging to 98.6 USD/barrel.
Speaking to Zing, international experts said that recession fears have had a strong impact on the world oil market. Edward Moya, an analyst at OANDA (based in the US) said that recession fears are helping to cool oil prices, but prices have fallen quite sharply from the record level in March. “So prices won’t drop much as the actual supply is still tight”, he said.
Up to now, gasoline prices have undergone 17 price adjustments, including 13 increases and 4 decreases; The strongest decrease was more than 1,000 VND/liter and the strongest increase was nearly 3,000 VND/liter.
Currently, the domestic price of E5 RON 92 gasoline has had the first decrease, bringing this item to VND 30,890/liter, RON 95 gasoline to VND 32,760/liter, diesel to VND 29,610/liter.
On July 6, the National Assembly Standing Committee agreed to further reduce the environmental protection tax by 1,000 VND for gasoline, 500-700 VND for oil and agreed to apply immediately in the adjustment period next week (July 11).
At the recent extraordinary meeting of the National Assembly Standing Committee, National Assembly Chairman Vuong Dinh Hue also suggested that the Government soon study and cut value-added tax and special consumption tax on gasoline, oil to submit to the National Assembly for consideration and decision.
“The spirit is that if the situation is normal, then handle it according to the normal situation, if it is urgent, then handle it according to the urgent situation,” he emphasized.
In addition, the President of the National Assembly suggested that the Government also research and develop policies to support some subjects directly affected by gasoline prices, such as fishermen, transportation, the poor, and low-income people. ..
In the context that the stabilization fund of many large enterprises is still negative, and the world crude oil price is complicated, many experts believe that besides researching and reducing more taxes and fees. The Government needs to build its own national reserve and raise the level of petroleum reserves to stabilize supply and actively regulate prices.
Previously, talking to Zing, Mr. Tran Duy Dong, Director of the Domestic Market Department (Ministry of Industry and Trade) admitted that currently the national reserve mechanism does not have its own warehouse system, so the reserve is assigned to the focal enterprises.
Accordingly, the Ministry of Industry and Trade will propose to the Government to invest more in finance, build strategic reserves, separate national reserves from distribution circulation reserves, not store them in enterprises anymore. and intervene with taxes and fees,” Mr. Dong said.
@ Zing News
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Source: Vietnam Insider