Oil continues to ice up

On the international market, at 6 o’clock on June 6 (Vietnam time) the price of US WTI crude oil traded at 120.7 USD/barrel, up 1.78 USD, equivalent to 1.50%. At the same time, the price of Brent crude oil for August delivery was trading at 121.6 USD/barrel, up 1.87 USD, or 1.56%.

Both Brent and WTI crude oil commodities started the new trading week with gains from last week.

Previously, the world oil price closed the last session of the week with a strong increase despite the news that the Organization of Petroleum Exporting Countries and Allies (OEPC+) had just announced an increase in output.

At the end of last week’s trading week, oil prices recorded the price of WTI light sweet crude for delivery in July, 2022 on the New York Mercantile Exchange, standing at 120.26 USD/barrel, up 3.39 USD/barrel during the session; Meanwhile, the price of Brent oil delivered in August 2022 stood at 121.27 USD/barrel, up 3.66 USD/barrel during the session.

Worry that supply in the near future will continue to be tight from the decision to impose an embargo on two-thirds of oil from Russia (equivalent to 2 million barrels per day) has made the market tense.

Analysts believe that, to a certain extent, the EU’s embargo on Russian crude oil will not have much impact on the market because Russia will also actively seek to shift oil sources to Asian countries like India. , China. However, this is affected because the high transportation costs cause oil prices to increase and travel times are longer. Thus, the market’s reaction shows that the EU embargo has had a significant impact on the global fuel market and it is difficult for OPEC + to increase output to save oil prices on the rise. Some forecasts show that oil price may skyrocket to $175/barrel in the near future.

Besides, the world oil price was also supported by China continuing to lift the blockade order in big cities such as Beijing, Shanghai… and for industrial production and trade to return to close. as usual.

Gasoline prices in the domestic market

Domestically, from 3:00 p.m. on June 1, according to the inter-Ministry of Industry and Trade – Finance’s decision, each liter of E5 RON 92 gasoline has increased by 600 VND, RON 95 by 920 VND and oil products by 310 – 940 VND/ liter.

After adjustment from the Ministry of Industry and Trade – Finance, the price of RON 95 gasoline from 15:00 on June 1 has exceeded 31,000 VND/liter, at 31,570 VND; E5 RON 92 gasoline also increased to 30,230 VND / liter. This is the 5th consecutive increase of gasoline prices. Since the beginning of the year, gasoline prices have increased 11 times and decreased 3 times.

Based on market movements and price management objectives, the Ministry of Industry and Trade – Finance also decided not to set up the BOG Fund (Price Stabilization Fund) for gasoline, reducing the setting up of the BOG Fund for petroleum. diesel to 100 dong/liter (previous period was set at 300 dong/liter), reduce the setting up of the BOG Fund for kerosene to 100 dong/liter (previous period was 300 dong/liter) and reduce the provisioning BOG fund for fuel oil fell to 300 VND/kg (previous period was set up at 400 VND/kg); at the same time, spending using the Petroleum BOG Fund for E5 RON 92 gasoline at 100 VND/liter and RON 95 gasoline at 500 VND/liter (last period spent 300 VND/liter), non-expensive oil products.

Domestic retail price of petrol on 6/6 specifically as follows: E5 RON 92 gasoline not exceeding 30,235 VND/liter; gasoline RON 95 not more than 31,578 VND/liter; diesel oil not exceeding 26,394 VND/liter; kerosene oil is not more than 25,346 VND/liter and fuel oil is not more than 20,901 VND/kg.