Gasoline prices are about to increase sharply after hitting a 5-year low?

World oil prices have increased sharply in recent days after two weeks of decline. Both benchmark oil products, Brent and WTI, increased in price by about 5% last week.

According to data from Oilprice, on the morning of April 23 (Vietnam time), Brent oil price was listed at 67.95 USD/barrel, up 0.76%. Meanwhile, WTI oil price was at 64.31 USD/barrel, up 1.95% compared to the previous session.

Oil and gas businesses said that, before the reversal of world oil prices, Gasoline price Domestic prices may rebound tomorrow. Accordingly, the price of RON 95 gasoline is forecast to increase by 690 VND/liter, and E5RON 92 gasoline by 660 VND/liter. Oil prices will increase by 420 - 460 VND/liter. In case the Ministry of Industry and Trade - Finance decides to use the Price Stabilization Fund, the increase may be adjusted.

If as predicted, domestic gasoline prices will turn up after being adjusted down twice to the lowest level in the past 5 years.

Gasoline prices are expected to increase on April 24.

In the operating session on April 17, the operating agency reduced the price of RON 95 gasoline by 350 VND/liter, down to 18,850 VND/liter. The price of E5 RON 92 gasoline decreased by 390 VND/liter, the retail price down to 18,490 VND/liter.

According to the Department of Domestic Market Management and Development - Ministry of Industry and Trade, by the end of 2024, the Petroleum Price Stabilization Fund will have a surplus of more than VND 6,067 billion. This surplus is currently held by 30 major petroleum traders. The surplus does not include the surplus of the Petroleum Price Stabilization Fund of traders who are no longer major petroleum traders.

Specifically, the balance at Vietnam National Petroleum Group (Petrolimex) is 3,080 billion VND; Ho Chi Minh City Petroleum Company Limited is nearly 330 billion VND; Vietnam Oil Corporation is 138.4 billion VND; Military Petroleum Corporation - LLC is nearly 300 billion VND; Dong Thap Petroleum Trading Joint Stock Company is more than 460 billion VND...

The interest arising on the balance of the Petroleum Price Stabilization Fund by the end of 2024 is nearly 3.2 billion VND.

The source of the Petroleum Price Stabilization Fund is established through purchase prices, paid by consumers, but managed at the enterprise and the use of the fund is decided by the operator.

Source: https://baoquangninh.vn/gia-xang-sap-tang-manh-sau-cu-cham-day-5-nam-3354761.html