The world gasoline price has cooled down, so the domestic gasoline price in the price adjustment session tomorrow (April 12) may decrease by nearly 1,000 VND/liter.
Normally, the next petrol price management period will fall on today (April 11). But because this is the time to make up for the Hung Kings Anniversary holiday, the operating time will be postponed to April 12.
Data from the Ministry of Industry and Trade showed that the price of finished gasoline on the Singapore market updated to April 7 decreased significantly compared to the previous price calculation period (April 1).
Accordingly, the average price of RON 92 gasoline used to prepare E5 RON 92 gasoline was 121.02 USD/barrel, the previous cycle was 125.96 USD/barrel. And the price of gasoline RON 95 is 124.22 USD/barrel, the previous cycle was 129.84 USD/barrel. Thus, the price of RON 92 and RON 95 gasoline in this cycle decreased by 5-7% compared to the previous cycle.
Similarly, the oil price on the Singapore market updated to April 7 also tended to decrease sharply compared to the previous price calculation period. Oil price dropped to around 130 USD/barrel.
In the world market, crude oil price in recent sessions has dropped sharply, below 100 USD/barrel. At 7:15 am today (April 11, Vietnam time), the price of WTI oil decreased by 1.48% to 96.81 USD/barrel, while the price of Brent crude oil for June delivery also decreased by 1.02% to 101. 31 USD/barrel.
Oil prices cooled down when supply showed signs of abundance but demand declined. The two-month truce in Yemen allows fuel imports to enter areas held by Yemen’s Houthi group, raising hopes that supplies will stabilize in Saudi Arabia. Besides, the fact that member countries of the International Energy Agency (IEA) will export 60 million barrels of oil in the next 6 months and the US will release the strategic reserve of 60 million barrels of oil also causes oil prices to go down.
In addition, the drop in oil prices was also caused by a decrease in demand from China – the world’s top oil consumer. The fact that China maintains a blockade order in Shanghai, a city of 26 million people, has impacted energy demand, especially oil.
Leaders of some petroleum wholesalers in Hanoi said that due to the recent downward trend in world gasoline prices, domestic gasoline prices at tomorrow’s price adjustment session (April 12) will also decrease.
According to predictions, in the adjustment period on April 12, gasoline price may decrease by 700-900 VND/liter, oil price is likely to decrease by 600-700 VND/liter.
On the other hand, if the management agency sets up a petrol and oil price stabilization fund like in the previous operating period, gasoline prices will decrease less, about 400-600 VND/liter.
If the forecast is true, the domestic gasoline price will have the third consecutive decrease, around 26,000-27,000 VND/liter.
In the most recent petrol and oil price management period (April 1), the Ministry of Industry and Trade – Finance decided to reduce gasoline and oil prices. Accordingly, the price of E5RON 92 gasoline decreased by 1,021 VND/liter to 27,309 VND/liter, RON95 gasoline decreased by 1,039 VND/liter to 28,153 VND/liter.
Meanwhile, the price of oil products increased sharply. Accordingly, the price of diesel oil increased by 1,447 VND/liter, to 25,080 VND/liter; kerosene increased by 1,519 VND/liter to 23,764 VND/liter; fuel oil 180CST 3.5S increased by 506 VND/kg to 20,929 VND/kg.
@ Vietnamnet
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Source: Vietnam Insider