Gas prices about to rise again?

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 gained more than 11.5% and WTI gained 8.8%, marking a week of gains for oil, cutting off a two-week losing streak. With this continuous supply shortage, world experts predict that next week’s oil price will still increase.

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.

Petrol and oil prices after the operating period on March 21 are:

– E5RON92 gasoline: not higher than 28,330 VND/liter

– RON95-III gasoline: not higher than 29,192 VND/liter

– 0.05S diesel oil: not higher than 23,633 VND/liter

– Kerosene: not higher than 22,245 VND/liter

– Fuel oil 180CST 3.5S: not higher than 20,423 VND/kg

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.

According to economic experts, the increase or decrease in domestic gasoline prices depends on factors such as world price movements, along with the method of setting up and spending the stable fund. During the last period of oil and gas price management, the world gasoline price sometimes dropped to nearly 100 USD/barrel, but then rebounded due to concerns that the supply for the market would decrease sharply when the source of petroleum, Gas from Russia is embargoed, while OPEC has not decided to increase production.

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