Tomorrow (November 23) is the first price adjustment period applied according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83 on petroleum trading. According to Decree 80, the time for gasoline price adjustment is carried out every Thursday, instead of on the 1st, 11th and 21st of each month as before.
Domestic gasoline prices are directly affected by world gasoline prices and the Singapore market.
In the world market, oil prices have experienced four consecutive weeks of decline as concerns about supply disruptions from the Middle East have eased.
In the trading session at the end of last week and the beginning of this week, oil prices increased due to speculation that the Organization of the Petroleum Exporting Countries and its allies (also known as OPEC+) will continue to cut supply deeper to support prices.
However, in the last two trading sessions, world oil prices have tended to stagnate. According to data from Oilprice, at 7:16 a.m. on November 22 (Vietnam time), Brent oil was trading at 82.45 USD/barrel, while WTI oil was at 77.66 USD/barrel.
In the Singapore market, leaders of some petroleum companies said that in this adjustment period, the average price of finished gasoline in this market decreased compared to the previous period. But the adjustment is not too large.
Based on the developments in world oil prices, leaders of some oil companies believe that domestic oil prices at tomorrow's adjustment period (November 23) are likely to decrease following the trend of world oil prices.
According to forecasts, in tomorrow's operating session, if the operating agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic retail gasoline prices may decrease by 60-100 VND/liter, depending on the type. Domestic oil prices may decrease by 350-400 VND/liter.
In case the Ministry of Industry and Trade - Ministry of Finance deducts from the BOG Fund, gasoline prices can remain the same.
If the above forecast is correct, tomorrow's gasoline price will have its second consecutive decrease.
Since the beginning of the year, gasoline prices have undergone 32 adjustments, including 18 increases, 10 decreases, and 4 unchanged.
In the most recent gasoline price adjustment period (November 13), the retail prices of all types of gasoline were adjusted down. Specifically, the price of E5 gasoline decreased by 340 VND/liter, the selling price was 22,270 VND/liter. The price of RON 95 gasoline decreased by 390 VND/liter, the selling price was 23,530 VND/liter. Meanwhile, the price of diesel oil decreased by 1,060 VND/liter, the selling price was not higher than 20,880 VND/liter. The price of kerosene decreased by 790 VND/liter, to 21,510 VND/liter.
In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to stop allocating and not spending the BOG Fund.
Regarding the management of gasoline prices, on November 17, the Government issued Decree No. 80/2023/ND-CP amending and supplementing a number of articles of Decree 83 and Decree 95 on gasoline trading.
Decree No. 80 stipulates that the time for managing/announcing gasoline prices is shortened from 10 days to 7 days. The time for managing gasoline prices is implemented every Thursday.
In case the price management period coincides with the Lunar New Year, it will be implemented as follows: If Thursday falls on the last day of the Lunar New Year (29th or 30th of Lunar New Year), the petrol price management will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the petrol price management period will be implemented on the 4th day of Lunar New Year.
In case the operating time coincides with a holiday according to regulations, it will be implemented as follows: If Thursday coincides with the first day of the holiday, the time for operating gasoline prices will be implemented on the preceding Wednesday.
If Thursday falls on any of the remaining holidays, the petrol price adjustment will be made on the first working day after the holiday.
In case the price of petroleum products fluctuates abnormally, affecting socio-economic development and people's lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on the appropriate time to manage petroleum prices.
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