Since the beginning of the year, domestic gasoline prices have undergone 51 adjustments, with opposite trends between the two groups of goods when gasoline prices decreased and oil prices increased.
In the first three months of this year, Petrolimex earned a profit of more than 1,000 billion VND - Photo: HONG PHUC
Each liter of A95 gasoline once reached a peak of 24,955 VND.
Currently, gasoline prices are adjusted periodically every Thursday.
As of the most recent adjustment (December 19), the retail price of A92 gasoline is about 760 VND/liter lower than at the beginning of the year, currently at 20,244 VND.
RON 95 price also went down but fluctuated more when it decreased by nearly 800 VND, currently at 21,004 VND/liter.
On the contrary, most oil prices are slightly higher than at the beginning of the year.
Specifically, diesel increased by about VND876/liter and fuel oil increased by VND408/kg, to VND18,733 and VND15,903, respectively. Meanwhile, kerosene decreased by nearly VND1,000/liter, currently at VND18,968.
In terms of general trends, fuel prices fluctuated strongly in the first months of the year and were relatively stable in the last 3 months of the year.
This is reflected in the fact that A92 gasoline price peaked at VND23,919/liter at the end of April, while RON 95 reached its highest level of VND24,955 in early May.
From then until around September, most corrections saw prices fall and bottom around this time.
Specifically, A92 bottomed out at VND18,850/liter in the mid-September adjustment period, while RON 95 dropped to VND19,635 in early October.
Fluctuations in gasoline prices during the year are influenced by many factors, including crude oil price movements in the world market, global economic fluctuations and domestic price management policies.
Imports are expected to continue to increase.
According to estimates by the Ministry of Industry and Trade, total demand for gasoline and oil in Vietnam this year is about 26-27 million m3 /ton.
Domestic raw material supply comes from domestic production and imports. Of which, about 60% is supplied from the two Dung Quat oil refineries and Nghi Son plant.
The remaining supply is imported by petroleum trading centers such as Petrolimex, PV OIL, Saigon Petro… from other countries; mainly from Korea and Singapore.
According to VCBS's analysis report, South Korea is the country that supplies the most gasoline to the Vietnamese market, because of the 0% tax incentive (from 2024) from the Vietnam - South Korea trade agreement.
This tax rate is significantly lower than the tax rate applied to goods from WTO member countries of 20%.
In recent years, domestic demand for gasoline has been increasing, while the supply capacity from domestic refineries has not increased.
This has led to an increase in the proportion of imported goods for the market and is expected to continue to increase in the coming time.
The domestic petroleum market will continue to be fiercely competitive. There are about 36 petroleum trading centers nationwide; of which 3 centers only trade in jet fuel (Jet A1).
The two major players, Petrolimex and PV OIL, hold about 70% of the market; of which, Petrolimex is the largest domestic supplier of petroleum products, with 47% market share.
In the first 9 months of this year, Petrolimex's net revenue reached nearly 213,000 billion VND and net profit was more than 2,550 billion VND, up 11.5% over the same period last year.
The second-ranked retailer, PV OIL, recorded net revenue of more than VND95,400 billion, up 43% over the same period, but after-tax profit decreased by 43%, reaching only VND382 billion.
Source: https://tuoitre.vn/gia-xang-dau-tang-giam-bao-nhieu-tu-dau-nam-toi-nay-20241219130141699.htm
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