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Gasoline price may increase by nearly 1,000 VND/liter, to the highest level ever

Data from the Ministry of Industry and Trade shows that retail gasoline prices on the Singapore market updated to May 19 increased sharply compared to the previous price calculation period.

Gasoline prices can increase by nearly 1,000 VND / liter, to the highest level ever - Photo 1.

Gasoline price today may increase by nearly 1,000 VND / liter to 31,000 VND / liter. Illustration

Specifically, the average price of RON 92 gasoline used to make E5 RON 92 gasoline was $140.11/barrel, in the previous cycle it was $136.96/barrel. And RON 95 gasoline is 144.39 USD/barrel, the previous cycle was 141.09 USD/barrel.

In the world market, gasoline prices continued to increase. At the end of the week, WTI oil price increased by 0.35% to 110.3 USD/barrel. And Brent crude oil price for July delivery also increased 0.46% to 112.5 USD/barrel.

The fact that the world oil price continues to increase “hot” will push up the price of finished gasoline, making the retail price of gasoline in the country continue to increase in the next adjustment period.

The increase will depend on how the management agency sets up or spends to use the price stabilization fund. At the operating period on May 23, if the management agency does not deduct the petrol price stabilization fund, the gasoline price may increase by about 850-950 VND/liter.

In case the management agency reduces the setting up or increases the expenditure of the Stabilization Fund, the price of gasoline may increase less, about 600-900 VND/liter, while the price of oil will decrease by about 600-800 VND/liter or kg (depending on the type). ).

However, by the end of March, the balance of the Petroleum Price Stabilization Fund fell to a negative level of nearly 170 billion VND, so many experts did not lean towards this option.

According to the provisions of Decree 95, the operating time for petrol and oil prices will fall on the 1st, 11th and 21st of every month. But May 21 is a Saturday and is a holiday, so the Inter-Ministry of Finance – Industry and Trade has decided to delay the adjustment of petrol prices to today (May 23).

Currently, the maximum retail price for E5 RON 92 gasoline is VND 28,959 / liter and RON 95 gasoline is VND 29,988 / liter.

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