Gasoline price continues to set a record, to more than 30,000 VND/liter at the beginning of next week

Data from the Ministry of Industry and Trade as of May 19 shows that the retail price of petroleum referenced from the Singapore market tends to increase sharply. RON92 gasoline (used to mix E5 RON92 gasoline) at 141.6 USD/barrel (up 10 USD/barrel compared to May 11), RON95 gasoline 146.7 USD/barrel (up 11 USD/barrel), kerosene 130.5 USD/barrel, 132.6 USD/barrel diesel oil (about 7 USD/barrel lower than on 11/5).

The leader of the Domestic Market Department (Ministry of Industry and Trade) said that, in accordance with the provisions of Decree 95, the inter-Ministry of Industry and Trade – Finance will adjust the retail price of gasoline at 3pm on May 23 (ie. Next Monday), instead of Saturday, May 21 (counting 10 days from the May 11 operating period).

Currently, petroleum wholesalers have informed distributors and retailers of the time to adjust prices next period on May 23.

Commenting on the upcoming petrol price, a leader of a petroleum wholesaler said that in the context of a sharp increase in world gasoline prices, domestic gasoline prices may increase by about 600-700 VND/liter, bringing gasoline price exceeded 30,000 VND/liter; and oil prices fell by the same amount. If the forecast is true, this will be the fourth consecutive increase in gasoline prices.

On the world market, crude oil prices ended the week with a slight increase. Brent oil contract on May 21 advanced 0.78% to 112.91 USD/barrel; WTI oil contract added 0.46% to 110.3 USD/barrel. In the past week, the WTI oil contract recorded a fourth consecutive week of gains; Brent crude rose 1%.