Domestic gasoline prices tomorrow (November 14) are forecast to fall following world prices.
Tomorrow (November 14) is the time to regulate retail gasoline prices according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on gasoline trading.
 |
| Domestic gasoline prices tomorrow (November 14) are forecast to reverse and decrease following world prices. Photo: TT |
At the beginning of the trading session on November 13, world oil prices decreased slightly. According to data from Oilprice, at 8:17 a.m. on November 13 (Vietnam time), Brent oil price was at 71.88 USD/barrel, down 0.01%; WTI oil price was at 68.09 USD/barrel, down 0.04% compared to the previous session.
Oil prices held near two-week lows as investors digested a cut in OPEC demand growth forecasts, a strong US dollar and disappointment over China’s latest stimulus plan.
OPEC said global oil demand will grow by 1.82 million barrels per day (bpd) this year, down from its forecast of 1.93 million bpd growth last month. The group also cut its estimate for global demand growth in 2025 to 1.54 million bpd from 1.64 million bpd.
Earlier this month, OPEC and its allies (OPEC+) decided to postpone plans to increase production in December amid falling prices.
In the Singapore market, the average price of finished gasoline in the last period decreased slightly compared to the previous period.
Based on the developments in world oil prices, some oil companies believe that domestic oil prices in the November 14 adjustment period may be adjusted downward. Specifically, if the management agency does not affect the Oil Price Stabilization Fund, domestic oil prices may decrease by VND110-190/liter. Similarly, diesel prices may decrease by about VND250/liter.
In case the regulatory agency draws from the Petroleum Price Stabilization Fund, gasoline prices may decrease less or remain the same. If the above forecast is correct, domestic gasoline prices will have a session of downward adjustment, cutting off the upward momentum of the previous regulatory period.
In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that in the operating period on November 14, the retail price of E5 RON92 gasoline is forecast to decrease by VND101, equivalent to 0.5%, to VND19,639/liter, while RON95 gasoline may decrease by VND183, equivalent to 0.9%, to VND20,667/liter. Meanwhile, the price of fuel oil may decrease by 2% to VND16,057/kg, diesel is forecast to decrease by 1.4% to VND19,079/liter, and kerosene may decrease by 1.1% to VND19,079/liter.
VPI also believes that the Ministry of Finance and Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this time.
In the most recent adjustment period (November 7), the prices of all types of gasoline and oil (except fuel oil) were adjusted up by the Ministry of Industry and Trade and the Ministry of Finance.
Specifically, the price of E5 gasoline was adjusted up by 340 VND/liter, the selling price is 19,740 VND/liter. The price of RON 95 gasoline increased by 350 VND/liter, the selling price is 20,850 VND/liter.
Similarly, diesel price was adjusted up sharply by 770 VND/liter, selling price is 18,910 VND/liter. Kerosene price increased by 460 VND/liter, price is 19,290 VND/liter.
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Recently, the Ministry of Finance also proposed to continue applying the environmental protection tax rate on gasoline at VND2,000/liter; jet fuel, diesel oil, fuel oil, lubricants at VND1,000/liter; grease at VND1,000/kg... in 2025.
From 2026, environmental protection tax is expected to return to the ceiling level, according to regulations: gasoline (except ethanol) is 4,000 VND/liter; jet fuel is 3,000 VND/liter; diesel, fuel oil, lubricants are 2,000 VND/liter; kerosene is 1,000 VND/liter; grease is 2,000 VND/kg.
With the consumption of gasoline, oil, and lubricants in 2025 being equivalent to this year, the Ministry of Finance estimates that the total state budget revenue will decrease by about VND44,224 billion, including more than VND40,204 billion in environmental protection tax reduction and more than VND4,020 billion in value added tax.
Source: https://congthuong.vn/gia-xang-dau-du-bao-giam-nhe-trong-ky-dieu-hanh-ngay-mai-14112024-358494.html
Comment (0)