The domestic gasoline price in the operating period tomorrow (July 21) is forecasted to decrease by up to 3,000 VND/liter, while the price of diesel oil will also be reduced to 1,600 VND/liter.
According to the schedule, tomorrow (July 21), the Inter-Ministry of Finance – Industry and Trade will adjust gasoline prices according to the cycle.
Data from the Ministry of Industry and Trade shows that the average petrol price on the Singapore market updated to July 18 has fallen sharply compared to the previous price calculation period (July 11).
Specifically, the average price of RON 92 gasoline (used to make E5 RON 92 gasoline) on the Singapore market is 112.7 USD, the price of RON 95 gasoline is 117.4 USD/barrel. The average world gasoline price in the previous period was 128.7 USD/barrel with RON 92 gasoline; RON 95 gasoline price is 136.53 USD/barrel. Similarly, the price of oils on the Singapore market updated to July 18 also decreased.
In the world market, crude oil prices have tended to decline recently. According to data from OilPrice, at 7:36 am today (July 20, Vietnam time), the price of Brent crude oil for September delivery was trading at 107 USD/barrel, down 0.3 USD, equivalent to 0. 28% compared to yesterday. At the same time, the price of WTI crude oil delivered in August was trading at 104.2 USD/barrel, up 1.58% compared to yesterday.
Last week, the price of WTI oil sometimes retreated to the level of 95 USD/barrel, while the price of Brent oil sometimes fell below the mark of 100 USD/barrel. In general, in the past week, Brent crude oil price decreased by more than 5.5%.
According to analysts, the world oil price fell sharply due to the fear of economic recession, the demand for consumption decreased despite the supply is still very scarce. In addition, the strong appreciation of the US dollar also put pressure on oil prices.
Gasoline prices will continue to fall tomorrow. Photo: Thanh Tung.
Because the world gasoline price tended to decrease last week, the retail price of gasoline in Vietnam in the operating period on July 21 may drop sharply according to the world gasoline price.
Leaders of some key petroleum businesses said that the retail price of gasoline in the country is higher than the average price of finished gasoline in the Singapore market by about VND 2,600-3,000/liter, while diesel and kerosene in Vietnam is also about 1,000-1,600 VND/liter higher.
Therefore, in the operating period tomorrow (July 21), if the management agency does not deduct the petrol and oil price stabilization fund, the reduction may be equivalent to the difference. Accordingly, the price of gasoline may decrease by about 2,600-3,000 VND/liter, and the price of diesel oil will also decrease by 1,600 VND/liter.
In case the management agency spends the stabilization fund, domestic gasoline and oil prices tomorrow (July 21) may decrease less.
If the forecast is true, the domestic gasoline price will have the 3rd consecutive decrease, bringing the price of E5 RON 92 gasoline to the price of 25,000 VND/liter.
Since the beginning of the year until now, gasoline prices have undergone 18 price adjustments, including 13 increases and 5 decreases. The price of gasoline E5 RON 92 since the beginning of this year has increased by a total of 4,621 VND/liter, while the price of RON 95 gasoline has increased to 5,794 VND/liter.
During the most recent operating period (July 11), the price of RON95 gasoline decreased by 3,090 VND/liter, the selling price was 29,670 VND/liter. E5 gasoline decreased by 3,110 VND/liter, the selling price was 27,780 VND/liter. Diesel oil decreased by 3,020 VND/liter, the selling price was 26,590 VND/liter.
@ Vietnamnet
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Source: Vietnam Insider