After the decrease in the operating period on March 21, gasoline prices are forecasted to rise again on April 1 when the world oil is constantly fluctuating.
End of last week’s trading, Brent oil price traded at 120.7 USD/barrel and WTI at 113.9 USD/barrel. For the whole week, Brent was up more than 11.5% and WTI was up 8.8%, marking a bullish week for oil. With this continuous supply shortage, world experts predict that next week’s oil price will still increase.
According to the Ministry of Industry and Trade, the world gasoline price has recently tended to increase sharply. Specifically, on March 24, the average price of finished gasoline on the Singapore market was 132.31 USD for RON 92 gasoline and 136.26 USD/barrel for RON 95. Similarly, the price of diesel oil at many times returned to the landmark 148.96 USD/barrel while before it was only 130.18 USD/barrel.
Right at the end of the previous adjustment period, the Ministry of Industry and Trade said that the world petroleum market continued to be complicated. Petrol prices, after falling in the mid-March days, are trending up again due to concerns that the supply to the market will decrease sharply when petroleum and gas sources from Russia are embargoed, while OPEC has not yet decided to increase supply.
A number of petroleum business leaders said that the increase in world oil prices in the past week put pressure on the next petrol price adjustment period. During the operating period on April 1, gasoline prices may increase according to the current price increase trend in the world.
However, with the decision to reduce the environmental protection tax, which is approved to take effect from April 1, gasoline may cool down with a reduction of 1,100 – 2,200 VND (including VAT) depending on the type. This can make consumers less worried about the sudden increase in gas prices.
In the operating period of gasoline price on March 21, each liter of RON 95 gasoline decreased by 630 VND, while E5 RON 92 gasoline decreased by 650 VND. After the reduction, the price of RON 95 gasoline is still 29,192 VND/liter, E5 RON 92 gasoline is 28,330 VND/liter.
Thus, the domestic gasoline price from the beginning of 2022 to now has increased 7 times in a row with a total of about 6,500 VND/liter, especially recently increased to nearly 3,000 VND/liter in the operating period on March 11. However, when the world oil price fluctuated, domestic gasoline price decreased slightly by more than 600 VND/liter in the operating period on March 21.
@ Cafef
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Source: Vietnam Insider