Gasoline prices rise again tomorrow?

Data from the Ministry of Industry and Trade says gas price Average finished products on the Singapore market updated to April 18 increased compared to the price calculation period on April 11. Specifically, the average price of RON 92 gasoline used to prepare E5 RON 92 gasoline is $118.37/barrel, while the price of RON 95 gasoline is $124.88/barrel.

Talking to Zing, the leader of a key business in Ho Chi Minh City said that the world gasoline price in recent days has tended to increase again. Therefore, in the adjustment period tomorrow, gasoline price may increase by about 550-650 VND/liter, oil price will increase more strongly, about 800-900 VND/liter.

Similarly, a leader of a petroleum business in Hanoi said that the world crude oil price traded at the beginning of this operating period was about $93-94/barrel, but now it has risen to about $103-104/barrel.

“The base price in the Singapore market for two gasoline products, RON 92 and RON 95, is lower than the domestic price by more than 700 VND/liter. Therefore, if the stabilization fund is not used, the gasoline price will increase by 700-800 VND. /liter, oil increased by about 1,000 VND/liter“, this business leader forecast.

On the other hand, if the management agency reduces the provision or increases the expenditure for the petrol price stabilization fund, the gasoline price may 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 price of domestic gasoline products will increase after 3 consecutive decreases. Generally in the first 4 months of the year, gasoline prices have increased 6 times and decreased 3 times. According to the Ministry of Industry and Trade, the world price of finished petroleum products (the basis for calculating the base price) has increased by 33.7-38.9% since the beginning of the year, but domestic retail prices have increased lower, at 9-11. %.

Many petroleum businesses said that now the discount has returned to a very low level, even 0 dong. Specifically, in the North, the discount is about 0-300 VND/liter, the Central and Southern regions are mainly 0 VND.

Mr. Edward Moya – senior market analyst at OANDA (based in the US) said that oil prices will quickly return to the upward momentum due to tight supply and falling demand due to the slowing economic growth as well. long before it happens.

Therefore, according to him, WTI crude oil will still be trading above the threshold of USD 100/barrel because of the global supply deficit.

“The oil market is still facing many risks. The prospect of Finland and Sweden joining NATO will cause tensions between Russia and the West to escalate, which could spill over into the oil market.”financial expert Craig Erlam (based in London) comments.

He forecast that Brent oil price will fluctuate in the range of 100-120 USD/barrel, while WTI oil can be traded around 95-115 USD/barrel.

From April 12, the domestic price of E5 RON 92 gasoline decreased by 830 VND/liter to 26,470 VND/liter, RON 95 gasoline decreased by 840 VND/liter and fell to 27,310 VND/liter. The selling price for diesel oil is currently 24,380 VND/liter; kerosene is 23,020 VND/liter… Also from April 1 to the end of the year, the retail price of petrol and oil in the country will be reduced by 50% of the environmental protection tax according to the Resolution of the National Assembly Standing Committee.

According to Zing