Domestic gasoline prices may fall tomorrow after two increases

Domestic gasoline prices at the adjustment session tomorrow (November 13) may reverse after two consecutive increases. If the Price Stabilization Fund is not used, gasoline prices may decrease by 160-400 VND/liter, and oil prices may decrease by 450-700 VND/liter.

According to the schedule, November 11 is the date for adjusting domestic gasoline retail prices every 10 days. However, due to the weekend, according to the provisions of Decree 95/2021/ND-CP on gasoline trading, the gasoline retail price adjustment period will be moved to the first working day of the new working week, which is Monday (November 13).

Domestic gasoline prices are directly affected by world gasoline prices and the Singapore market.

In the world market, gasoline prices have experienced 3 consecutive weeks of decline. This week, gasoline prices recorded a decrease of 4%, lower than the decrease of 6% last week.

At the end of the last trading session of this week, Brent oil price was listed at 81.43 USD/barrel and WTI oil price was at 77.17 USD/barrel.

In the Singapore market, according to leaders of some petroleum companies, in this management period, the average price of finished gasoline in this market tends to decrease compared to the previous period. However, the adjustment is not too large.

Commenting on gasoline prices at the management session tomorrow (November 13), leaders of some gasoline businesses said that domestic gasoline prices may decrease following the trend of world gasoline prices.

Domestic gasoline prices may fall tomorrow after two increases

Domestic gasoline prices may reverse tomorrow after two increases. (Photo: Tuan Anh)

According to forecasts, in tomorrow's operating period, if the operating agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may decrease by 160-400 VND/liter, depending on the type. Meanwhile, domestic retail oil prices tomorrow are likely to decrease by 450-700 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 first decrease after two consecutive increases.

Since the beginning of the year, gasoline prices have undergone 31 adjustments, including 18 increases, 9 decreases, and 4 unchanged.

In the most recent petrol price adjustment period (November 1), petrol prices were adjusted up while oil prices decreased.

Specifically, the price of E5 gasoline increased by 250 VND/liter, the selling price is 22,610 VND/liter. RON95 gasoline increased by 410 VND/liter, the selling price is 23,920 VND/liter.

Meanwhile, diesel price decreased by 540 VND/liter, selling price is 21,940 VND/liter. Meanwhile, kerosene retail price decreased by 450 VND/liter, down to 22,300 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, the Ministry of Industry and Trade has just completed a draft Decree amending Decree 95 and Decree 83 on gasoline trading.

Notably, the draft Decree proposes that the adjustment period between two retail price changes be shortened to 7 days, fixed every Thursday.

In case Thursday falls on the last day of the Lunar year (29th or 30th of Lunar New Year), the price adjustment schedule will be implemented on the preceding Wednesday. If Thursday falls on the 1st, 2nd or 3rd day of Lunar New Year, the price change will be implemented on the 4th day of Lunar New Year.

If it falls on a holiday, the petrol price will be adjusted on the following Wednesday. If it falls on other holidays, the petrol price will be adjusted on the first working day after the holiday.

In addition, the BOG Fund issue has been supplemented with conditions for better management. Specifically, the focal enterprise must open a blocked account at a commercial bank. This account can only be used for the purpose of setting up and spending the BOG Fund of the enterprise according to the announcement on petroleum price management of the Ministry of Industry and Trade.

According to Vietnamnet

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