The domestic retail gasoline price is forecasted to exceed 30,000 VND/liter by tomorrow’s adjustment period (May 11), following the strong increase of the world oil price.
According to data from the Ministry of Industry and Trade, the average price of finished gasoline on the Singapore market updated to May 6 increased sharply compared to the previous price calculation period.
Specifically, the average price of RON 92 gasoline (used to make E5 RON 92 gasoline) increased to 137.36 USD/barrel, RON 95 gasoline to 141.65 USD/barrel, and 153.49 USD/barrel of diesel oil.
While the average price of petroleum products in the world at the previous operating period was 126,484 USD/barrel of E5 RON 92 gasoline; 130,337 USD/barrel of RON 95 gasoline and 142,976 USD/barrel of diesel.
In the world market, crude oil price in recent sessions has surpassed the threshold of 110 USD/barrel after it was reported that the European Commission proposed steps to implement a ban on oil imports from Russia.
Sharing on Zing, a leader of the petroleum business in Hanoi said that the price of gasoline in the next operating period could increase sharply by about 1,500-1,600 VND/liter, bringing this item closer to the mark of 30,000 VND/liter, even can be exceeded if the operator does not intervene with price stabilization tools.
If the forecast is true, the price of domestic gasoline products will increase for the third time in a row. Since the beginning of the year, gasoline prices have increased 8 times and decreased 3 times.
@ Cafef
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Source: Vietnam Insider