The domestic gasoline price in today’s operating period (June 21) is likely to increase according to the world gasoline price, with an increase of 450 VND/liter, bringing the price of RON 95 gasoline to the mark of 33,000 VND/liter. If the forecast is true, the domestic gasoline price will increase for the 7th time in a row.
According to the schedule, today (June 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 price of petroleum products (refined products) on the Singapore market updated to June 15 increased compared to the previous price calculation period (June 13).
Specifically, the average price of RON 92 gasoline (used to make E5 RON 92 gasoline) on the Singapore market was 151.6 USD/barrel, in the previous cycle it was 149.2 USD/barrel. The price of gasoline RON 95 also increased to 158.1 USD/barrel, the previous cycle was 154.7 USD/barrel.
Similarly, the average price of finished oils on the Singapore market updated to June 15 also increased compared to the previous cycle. In which, diesel oil increased to 170.88 USD/barrel, the previous cycle was 166.5 USD/barrel.
On the world market, crude oil prices increased sharply in the first and middle sessions of the week. But in the last sessions of the week from June 16 to 18, world oil prices continuously dropped sharply. On June 18, world oil prices fell more than 6%, to below 110 USD/barrel, the lowest level in the past 4 weeks, due to concerns that major central banks’ interest rate hikes could slow economic growth and reduce fuel demand.
However, by this morning (June 20), the world oil price turned to increase sharply. Brent oil price is now very close to the level of 114 USD/barrel, while WTI oil price has surpassed 110 USD/barrel.
Currently, supply remains tight and demand is strong due to Western sanctions targeting Russian oil keeping oil prices anchored high.
Leaders of a number of key petroleum businesses in Hanoi said that because the world gasoline price increased last week, the domestic retail price of gasoline in the operating period today (June 21) may continue to be adjusted upwards.
As of June 11, the retail price of gasoline in the country is lower than the average price of finished gasoline in the Singapore market by about 350-450 VND/liter; The domestic price of diesel and kerosene is also lower than the average price of finished oil in Singapore market by about 850-950 VND/liter.
Therefore, at the operating period on June 21, if the management agency does not deduct the petrol price stabilization fund, each liter of domestic gasoline can increase by about 350-450 VND/liter. The price of diesel oil is likely to increase to nearly 1,000 VND/liter.
In case the management agency spends the stabilization fund, the domestic gasoline and oil prices may increase less.
If the forecast is true, the domestic gasoline price will increase for the 7th time in a row. From the beginning of the year until now, in the total of 15 operating periods, gasoline prices have increased 12 times and decreased only 3 times. Compared to the beginning of the year, the price of RON 95 gasoline has increased by 8,494 VND/liter; E5 RON 92 gasoline price increased by 7,951 VND/liter to 31,110 VND/liter, the highest level in history.
The Ministry of Finance has proposed to reduce the environmental protection tax from 500-1,000 VND/liter for gasoline and oil products in order to stabilize the domestic gasoline price in the face of fluctuations in world prices. This is the lowest level in the environmental protection tax bracket. If this proposal is approved, from the beginning of this August, the price of gasoline to users will be reduced by 1,100 VND per liter (including VAT).
@ Vietnamnet
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Source: Vietnam Insider