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Petrol prices in the country about to drop?

In the trading session on March 15, the price of Brent oil futures fell sharply by 6.99 USD, or 6.5%, to 99.91 USD/barrel. WTI crude fell $6.57, or 6.4%, to $96.44 a barrel. Brent at the time of falling to as low as 97.44 USD and WTI at 93.53 USD.

Data from the Ministry of Industry and Trade also shows that the price of gasoline and finished oil on the Singapore market updated to March 14 decreased by about $8-27 per barrel compared to March 10. Specifically, 125.41 USD/barrel for RON 92 gasoline, RON 95 gasoline is 129.34 USD/barrel, and diesel oil is 123.07 USD/barrel.

Petrol prices in the country about to drop?  - first

Domestic retail gasoline prices may decrease in the next operating period.

Before these developments, sharing with VTC News, a representative of a petroleum wholesaler said that if the oil price continues to fall or is at the current price level, in the adjustment period on March 21, the operator can petrol prices may be adjusted.

“The reduction depends on the up and down movements of oil prices in the next 5 days and the use of the stabilization fund. But with the current decline, the retail price of gasoline in the country may decrease by about 1,500-3,000 VND per liter/kg.” business representative said.

Notably, coming here, the resolution on reducing 50% of environmental protection tax on gasoline and oil until the end of 2022 will be implemented and this will significantly reduce domestic gasoline prices. Accordingly, each liter of gasoline is expected to decrease by 2,200 dong (including VAT) and the price of oil is also adjusted by 1,100 dong.

At the adjustment period on March 11, the domestic gasoline price simultaneously increased sharply, approaching the mark of 30,000 VND/liter. Specifically, gasoline E5RON92 increased by 2,908 VND/liter, the ceiling price was 28,985 VND/liter; gasoline RON95-III 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.

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