Gasoline prices continue to increase tomorrow?

Because the petrol price adjustment period on May 1 falls on the international labor holiday, the operating time is postponed to the next working day after the compensatory holiday, ie 4/5.

Data from the Ministry of Industry and Trade shows that the average price of finished gasoline on the Singapore market updated to April 28 increased slightly. Specifically, the price of RON 92 gasoline (used to make E5 RON 92 gasoline) is 127.56 USD/barrel, RON 95 is 131.78 USD/bin. While the average gasoline price in the previous adjustment period was 124,477 USD/barrel with gasoline RON 92 and 127,500 USD/ tank of RON 95 gasoline.

Talking to the press, the leader of a key business in Ho Chi Minh City said that the world gasoline price has fluctuated in the past few days, but the general trend is increasing. Therefore, if the stabilization fund is not set up, the petrol price may increase by about 450-550 VND/liter in the adjustment period tomorrow, and the diesel oil price may increase by 100-200 VND/liter.

Similarly, a leader of a petroleum business in Hanoi said that the average price of finished gasoline in the Singapore market is about 500-600 VND/liter higher than the domestic price. Therefore, the domestic petrol price will increase after the holiday, if the management agency reduces the setting up or increases the expenditure on the petrol price stabilization fund, the petrol price may increase less.

If the forecast is true, the price of domestic gasoline products will increase for the second time in a row. Generally in the first 4 months of the year, gasoline prices have increased 7 times and decreased 3 times.

At the Government’s regular press conference on April 29, Mr. Do Thang Hai – Deputy Minister of Industry and Trade – said that the inter-ministries of Finance – Industry and Trade are reviewing and reviewing whether or not to further reduce petrol prices. next time.

“Currently, the inter-ministerial department is continuing to study and review which tax reductions can be further appropriate to the common problem, to avoid smuggling of petrol and oil, and to create the most favorable conditions for the people.” Mr. Hai said.

He said that according to the calculation formula, the price of gasoline depends on the world price and depends on the inter-ministerial stabilization fund. Since the beginning of the year until now, the agency has operated continuously since the beginning of 2022, when the world gasoline price continuously increased, the increase of Vietnam was always higher. For example, from the beginning of 2022 until now, the world gasoline price has fluctuated by 36.53 – 60.14%, but the domestic price has only increased by 17.16 – 39.04% depending on the type.

As for tax adjustment measures, the National Assembly Standing Committee recently decided to reduce the environmental tax from April 1, at 50%.

From April 21, the domestic price of E5 RON 92 gasoline increased by 660 VND / liter to 27,130 VND / liter and RON 95 gasoline increased by 680 VND / liter to 27,990 VND / liter. Not only gasoline, the price of oil products in this operating period was also adjusted up. Accordingly, the selling price for diesel oil increased to 25,359 VND/liter; kerosene is 23,828 VND/liter and fuel oil is 21,800 VND/kg.