Gasoline prices will decrease in the next operating period?

The world oil price is increasingly sliding away from the 100 USD/barrel mark. Before this development, many businesses forecast that the domestic gasoline price may decrease.

According to Oilprice, at 6:20 a.m. on March 16 (Vietnam time), the price of US WTI crude oil for April delivery traded around $95.69/barrel, down $0.75, or 0.78%. While the price of Brent crude oil delivered in May stood at 99.91 USD/barrel.

Before that, the world crude oil price at 9pm on March 15 plummeted, according to data from Trading Economics.

Specifically, the price of Brent oil fell to 98.15 USD/barrel, equivalent to 7.8%. WTI oil fell to 94.5 USD/barrel, or 8.09%. These are the lowest prices since the beginning of March until now.

Gasoline price will decrease in the next operating period?-1
Gasoline prices have increased to nearly 30,000 VND/liter. (Illustration image – Photo: Investment Newspaper)

World oil price reversed down from March 9 when it fell more than 15 USD/barrel to below 115 USD/barrel. Before that, the price of both types of oil fluctuated around 130 USD/barrel, the highest level since 2008. Brent oil price at one point touched 139 USD/barrel (the highest since July 2008).

In the domestic market, from the beginning of 2022, gas price oil has increased by 25-40%. On March 11, the retail price of gasoline and oil in the country increased by nearly 3,000 VND/liter, bringing the price of RON 95 and E5 RON 92 gasoline to historic highs of VND 29,820/liter and VND 28,985/liter.

Compared to the beginning of the year, gasoline prices have increased by 4,625 – 7,030 VND/liter, kg depending on the type, while the world price of petroleum products fluctuates by 44 – 60% when oil prices escalate.

According to data from the Ministry of Industry and Trade, the price of finished petroleum products on the Singapore market updated to March 14 decreased by 8 – 27 USD/barrel compared to 10/3. Specifically, the price of RON 92 gasoline is 125.41 USD/barrel, RON 95 gasoline is 129.34 USD/barrel, diesel oil is 123.07 USD/barrel…

A representative of a leading enterprise in Ho Chi Minh City said that after March 11, world oil prices tended to decrease according to positive signals from negotiations.

Compared with 4 days ago, domestic retail gasoline price is higher than finished product price in Singapore by about 1,000 VND/liter for gasoline and 3,000 VND/liter for diesel, but still lower than finished product price in Singapore. 10 days ago about 100 – 130 VND/liter.

In the next operating period on March 21, gasoline prices may remain the same or decrease, if the next 6 days crude oil prices continue to decrease as at present. This depends on the operating agency calculating whether to set up a stabilization fund or not in the context that this fund of many key enterprises is severely negative.

In the same opinion, the owner of a petroleum distribution business in the North predicts that the world crude oil price will drop to about 93-95 USD/barrel, then turn back and continue to increase.

The leader of this business said, about the upcoming adjustment period on March 21, there will be 2 options.

Firstly, if crude oil prices remain at present, the retail price of gasoline in the country will decrease around 1,500 VND/liter and oil around 2,000 VND/liter. Second, if crude oil rebounds to 110-130 USD/barrel, the prices of these commodities will continue to increase.

After the adjustment period on March 11, the domestic gasoline price simultaneously increased sharply. Gasoline price is close to 30,000 VND/liter.

Accordingly, E5RON92 gasoline increased by 2,908 VND/liter, the ceiling price was 28,985 VND/liter; RON95-III gasoline increased by 2,990 VND/liter, the highest was 29,824 VND/liter; 0.05S diesel oil increased by 3,958 VND/liter, the new price was 25,268 VND/liter.

In addition, kerosene increased by 3,940 VND/liter, the ceiling price was 23,918 VND/liter and fuel oil 180CST 3.5S increased by 2,519 VND/kg, the new price was 20,987 VND/kg.

After the adjustment period on March 11, the domestic gasoline price had the 7th consecutive increase and also the 6th increase in 2022.

According to VTV

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