Domestic gasoline prices may increase tomorrow after a series of 3 decreases

Domestic gasoline prices in the operating period tomorrow (May 22) are forecast to rebound after a series of 3 consecutive price reductions. Gasoline prices are likely to increase by 350-410 VND/liter, while oil prices are forecast to increase less.

According to the schedule, on May 21, the Ministry of Industry and Trade - Ministry of Finance will adjust the retail price of gasoline and oil according to the 10-day price calculation cycle. However, because Sunday is a holiday, the management agency will announce the gasoline and oil price on Monday (tomorrow, May 22).

Recently, the website for transparency of average finished petroleum prices in the Singapore market of the Ministry of Industry and Trade is inaccessible.

Meanwhile, in the world market, gasoline prices are showing signs of recovery. Crude oil prices this week have slightly increased after 4 consecutive weeks of decline.

Both Brent and WTI crude futures rose about 2% last week. Brent ended the week at $75.58 a barrel, while WTI closed at $71.55 a barrel.

Analysts say oil prices are rising again as investors become optimistic about the decreasing risk of a US debt default.

Domestic gasoline prices may increase tomorrow after a series of 3 decreases

Gasoline prices may increase tomorrow after 3 decreases (Photo: Nguyen Hue )

Leaders of some major petroleum enterprises said that domestic retail gasoline prices at the adjustment session tomorrow (May 22) are likely to increase following world gasoline prices.

According to forecasts, if the management agency does not affect the Petroleum Price Stabilization Fund, the price of E5 RON 92 gasoline may increase by 350 VND/liter, the price of RON 95 may increase by 410 VND/liter. Meanwhile, the price of oil may increase by 150-300 VND/liter.

If the above forecast is correct, domestic gasoline prices will increase for the first time tomorrow after three consecutive decreases.

Since the beginning of the year, gasoline prices have undergone 14 adjustments, including 7 increases, 6 decreases and 1 unchanged.

In the most recent adjustment period (May 11), gasoline prices were adjusted down by the Ministry of Finance and Industry and Trade.

Specifically, the price of RON 95 gasoline decreased by VND1,320/liter, selling price is VND21,000/liter. The price of E5 gasoline decreased by VND1,300/liter, down to VND20,130/liter. The price of diesel oil decreased by VND600/liter, at VND17,650/liter. The price of kerosene decreased by VND550/liter, selling price is VND17,970/liter.

Also in this operating period, the operating agency set aside a Price Stabilization Fund for gasoline and oil at 300 VND/liter and did not spend the Price Stabilization Fund.

According to Vietnamnet

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