Domestic gasoline prices may increase today

Today, the Ministry of Industry and Trade - Ministry of Finance will adjust domestic retail gasoline prices to compensate for the weekend of June 11 as prescribed.

According to forecasts from some key enterprises, because the average price of finished gasoline in the Singapore market tends to increase slightly compared to the previous period, it is likely that gasoline prices today will increase slightly or remain the same. The increase could be 100 - 200 VND/liter.

If the management agency spends the petrol price stabilization fund, the retail price of this item may remain unchanged, or even decrease compared to the previous period.

Previously, on the afternoon of June 1, the Ministry of Finance - Ministry of Industry and Trade adjusted gasoline prices as follows: E5 RON92 gasoline price increased by 390 VND/liter, the new price is 20,878 VND/liter; RON95 gasoline increased by 516 VND/liter, to 22,015 VND/liter.

Domestic gasoline prices may increase today - 1 — Domestic gasoline prices will be adjusted today, June 12. (Photo: Cong Hieu)

Meanwhile, oil products were all adjusted down. Specifically, diesel oil decreased by 11 VND/liter, down to 17,943 VND/liter; kerosene decreased by 198 VND/liter, down to 17,771 VND/liter and fuel oil decreased by 275 VND/kg compared to the current retail price, not higher than 14,883 VND/kg.

Since the beginning of the year, gasoline prices have undergone 16 price adjustments, including 9 increases, 6 decreases, and 1 unchanged. If gasoline prices increase today, it will be the third consecutive increase.

In the world market, last week, both benchmark oil products fell more than 1 USD, marking the second consecutive week of decline. Brent oil price fell 1.34 USD to 74.79 USD/barrel, WTI oil price fell 1.57 USD to 70.17 USD/barrel.

Oil prices had risen earlier in the week, supported by Saudi Arabia's pledge to cut output by more than previously agreed to under OPEC+.

However, oil prices later fell due to weak Chinese economic data and rising US gasoline inventories.

According to the US Energy Information Administration (EIA), US gasoline reserves increased by 2.8 million barrels last week, while diesel reserves also increased by 5.1 million barrels. This information raised concerns about consumption in the world's leading oil-consuming country.

During the week, oil prices also climbed after Saudi Arabia's decision to cut production by an additional 1 million barrels per day in July and OPEC+'s decision to extend the current production cut policy until the end of 2024.

Next week, in addition to the decision to purchase more oil for the US strategic oil reserve, the decision of the US Federal Reserve (Fed) on whether to raise or keep interest rates unchanged will be a factor affecting oil prices. According to analysts, the Fed is likely to keep interest rates unchanged and this will support the acceleration of gasoline prices.

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