Petrol prices may increase for the 6th time in a row

Petrol prices may increase for the 6th time in a row

According to some traders, distribution businesses Petroleum, the price of gasoline RON 95 on the market is currently a loss of 100 to 400 dong/liter; E5 RON 95 gasoline will lose from 500 to 700 VND/liter. Without spending on the petrol price stabilization fund, it is possible that petrol prices will increase accordingly.

Regarding price data, according to the Ministry of Industry and Trade, the average gasoline price on the Singapore market updated to June 6 with RON 92 gasoline is 150.50 USD/barrel (equivalent to 3.4 million VND), RON 95 gasoline is 150.50 USD/barrel (equivalent to 3.4 million VND). 157.41 USD/barrel (3.6 million VND), slightly increased compared to the previous petrol price management cycle.

Regarding the world petrol price, trading on June 7, the price of WTI light sweet oil increased to 118.75 USD/barrel (an increase of 0.25 USD/barrel (equivalent to 5,700 VND), an increase of 0. 21%; North Sea Brent oil traded in the US increased to USD 119.70/barrel, up USD 0.19/barrel, equivalent to 0.16%.

Previously, the Ministry of Finance said that after 13 adjustments, including 10 increases and 3 decreases, the price of gasoline of all kinds increased by more than VND 7,600/liter.

Specifically, gasoline RON 95 has increased 10 times, estimated at 10,169 VND/liter, 3 times decreased, equivalent to 2,507 VND/liter. After a cycle of 13 increases and decreases in price, the price of RON 95 gasoline increased by more than 7,662 VND/liter.

For bio-fuel E5 RON 92, according to the Ministry of Finance, after 10 adjustments, the price of E5 RON 92 gasoline increased by nearly 9,700 VND/liter, 3 times the price decreased by more than 2,514 VND/liter, after 13 times of adjustment, E5 RON 92 gasoline increased by nearly 7,200 VND/liter, with a lower increase of about 500 VND/liter compared to RON 95 mineral gasoline.

The average world gasoline price as of May 21, 2022 tends to increase compared to the world petrol price in the first days of the year from 42.90% to 56.97% depending on each item. .

According to the Ministry of Finance, the current domestic gasoline price management is in accordance with the provisions of Decree No. 95/2021/ND-CP, the domestic gasoline selling price is implemented according to the market mechanism and in accordance with the gasoline price movement. world oil.

The management of domestic gasoline prices is closely following the world gasoline price movements; at the same time flexibly use the BOG Fund to minimize the increase in domestic gasoline prices (currently, the base price of domestic petroleum products compared to the price of the operating period on 11/01/2022 increased from 25 0.89% to 42.40%, lower than the growth rate of the world price of petroleum products from 42.90% to 56.97%).

According to the General Statistics Office, the consumer price index (CPI) in May recorded an increase of 0.38% compared to the previous month. In which, CPI in urban areas increased by 0.34% and in rural areas by 0.42%. Notably, 10/11 groups of main consumer goods and services increased in price compared to the previous month and only 1 group of goods decreased in price.

According to this agency, the price index of 10/11 of these commodity groups increased due to the negative influence of the current petrol price adjustments. This is a consequence of the impact of gasoline prices on inflation and the increase in CPI prices of many commodity groups.