Tomorrow, the price of gasoline will increase by about 1,000 VND/liter?

The gasoline price adjustment period on June 1 pushed gasoline prices in Vietnam, specifically, RON95 hit a record level of 31,570 VND/liter. However, it is predicted that the adjustment period tomorrow (June 11) will continue to set a new record.

Answering VTC News, a leader of a petroleum business said that with the continuous increase of world oil prices, the retail price of gasoline in the country is likely to continue to be adjusted up in the fiscal year. act to.

The increase depends on the Inter-Ministry of Industry and Trade – Finance setting up and spending using the Price Stabilization Fund (BOG). But in the context that the BOG fund is exhausted, the price of finished gasoline on the world market continues to increase, the retail gasoline price in the country may increase by 800-1,000 VND/liter, while the oil price will increase more.

“Due to the continuous increase in world oil prices, domestic retail prices of gasoline and oil were forced to increase accordingly. In this context, if you want to “cool down” the price of gasoline, you can only reduce taxes and fees“, the business leader said.

Data from the Ministry of Industry and Trade shows that the retail gasoline price on the Singapore market updated to June 6 is 150.5 USD/barrel for RON92 gasoline and 157.4 USD/barrel for RON95 gasoline. This price is higher than June 1 by about 3 USD/barrel.

Similarly, the price of oils also increased by about 5 USD/barrel, currently diesel oil is priced at 170.6 USD/barrel, kerosene is 166.6 USD/barrel, and fuel oil is 636 USD/ton.

In the previous operating period, the Inter-Ministry of Industry, Trade and Finance increased the price of E5 RON92 gasoline by 602 VND/liter, sold 30,235 VND/liter; RON95 gasoline increased by 921 VND/liter, sold at no higher than 31,578 VND/liter.

Prices of oil products have increased. Kerosene is 25,340 VND per liter, an increase of 940 VND. Diesel oil increased to 26,390 VND per liter, up 840 VND. Fuel oil is 20,900 VND per kg, an increase of 310 VND.

This is the 5th price increase since April 21 up to now. In total, the price of RON95 gasoline increased by 4,260 VND per liter, E5 RON92 also increased by 3,760 VND per liter.

In this period, the operating agency also spends using the Petroleum Stabilization Fund at 500 VND per liter for RON 95 gasoline, 100 VND for E5 RON 92. Particularly, oil products will stop spending from the Stabilization Fund.

The Ministry of Industry, Trade and Finance continued to stop deducting the petrol and oil stabilization fund, increasing the amount of fund deduction for diesel oil to 100 dong, fuel oil to 300 dong per kg; reduce the deduction for kerosene from 300 dong to 100 dong per liter.

Answering questions before the National Assembly on June 8, Finance Minister Ho Duc Phuc said that the Ministry of Finance will assess the impact and report to the Government to submit to the National Assembly for consideration of tax reduction to reduce gasoline prices.

However, Mr. Phuc recommends:However, we must implement synchronous policies. If we only reduce taxes to keep prices down but still allow smuggling to happen, our cash flow will inadvertently be lost abroad.“.

The Minister also said that gasoline prices not only depend on taxes but also on supply and demand relationships, the Finance Ministry will discuss with the Ministry of Industry and Trade to find out where to buy gasoline cheap.

Meanwhile, at the Government’s regular press conference in May held on the afternoon of June 4, Deputy Minister of Industry and Trade Do Thang Hai said that although gasoline prices increased continuously and were at a high level, gasoline prices were still high. of Vietnam is still lower than that of bordering countries such as Laos, Cambodia and China.

In addition, from the beginning of the year to June 1 (the latest operating period), while the average price of some petroleum products in the world on the Singapore market increased by 45.86%-63.68%, the domestic price only increased 27.29% – 47.89%. “Thus, although operating according to the increasing momentum of the world, the increase in gasoline prices in Vietnam is still lower“, said Mr. Hai.

World oil prices hit 13-week high

Closing the session on June 8 (local time), the price of North Sea Brent oil increased by 3.01 USD, or 2.5%, to 123.58 USD/barrel, while the price of US light sweet crude (WTI) increased by 2 0.7 USD, or 2.3% and closed at 122.11 USD/barrel.

World oil prices rose more than 2% to a 13-week high on June 8 as gasoline demand in the US continued to increase despite record high prices, while concerns about supply in many countries remained. , including Iran.

The US Energy Information Administration (EIA) said crude oil in the US Strategic Petroleum Reserve (SPR) recorded a record decline last week as refiners’ input rose to the highest level. as of January 2020.

Ngoc Vy