Gasoline prices increases sharply after 3 consecutive reductions

Petrol prices in the country tomorrow (April 21) will increase again after 3 consecutive reductions. According to the forecast, the price of gasoline may increase from 700-800 VND/liter if the operator does not deduct the price stabilization fund.

Data from the Ministry of Industry and Trade shows that the price of finished gasoline on the Singapore market updated to April 18 has increased significantly compared to the previous price calculation period (April 12).

Accordingly, the average price of RON 92 gasoline used to make E5 RON 92 gasoline is 118.59 USD/barrel, and RON 95 gasoline is 125.93 USD/barrel. At one point, RON 92 gasoline was close to 130 USD/barrel, while RON 95 gasoline sometimes reached 132 USD/barrel.

Similarly, oil prices on the Singapore market updated to April 18 also tended to increase compared to the previous price calculation period. Diesel at one point traded at nearly 147 USD/barrel.

In the world market, crude oil prices in recent sessions have turned up. At 7:55 am today (April 20, Vietnam time), the price of WTI oil increased by 1.06% to 103.7 USD/barrel, while the price of Brent crude oil for June delivery also increased by 1.02%, to a level price of 108.3 USD/barrel.

Brent and WTI oil prices have increased by about 9% in the last week. World oil prices rose again after news that Europe was preparing a draft to ban oil imports from Russia.

Leaders of some petroleum wholesalers in Hanoi said that due to the recent increase in world gasoline prices, domestic gasoline prices at tomorrow’s price adjustment session (April 21) will also increase.

It is predicted that in the adjustment period on April 21, without spending on the Stabilization Fund, the price of gasoline may increase by 700-800 VND/liter, while the price of oil is likely to increase by about 1,000-1,100 VND/liter.

On the other hand, if the management agency sets up a petrol price stabilization fund like in the previous operating period, gasoline prices will increase less. This option is considered feasible because currently the management agency does not use the Price Stabilization Fund for petroleum products.

If the forecast is true, the domestic gasoline price will have the first increase after 3 consecutive decreases.

In the most recent petrol and oil price management period (April 22), the Ministry of Industry and Trade – Finance decided to reduce petrol and oil prices. Accordingly, the price of gasoline has decreased by more than 800 VND/liter, the price of oil has decreased by more than 700 VND/liter.

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