Tomorrow (February 15) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83.
Currently, domestic gasoline prices are affected by world gasoline prices and the Singapore market.
In the world market, oil prices increased by more than 6% last week, recording the strongest weekly increase since the beginning of the year. The escalating conflict in the Middle East was the main factor driving the sharp increase in oil prices last week.
This week, world oil prices have been on an upward trend in the first two sessions of the week. Brent oil prices are approaching the $83/barrel mark.
According to data from Oilprice, at 8:40 a.m. on February 14 (Vietnam time), Brent oil price was trading at 82.77 USD/barrel, while WTI oil price was at 77.77 USD/barrel.
In the Singapore market, in the recent period, the average price of finished gasoline in this market has shown a slight upward trend compared to the previous period.
Commenting on domestic gasoline prices at the management session tomorrow (February 15), leaders of several gasoline businesses said that domestic gasoline prices are likely to increase following the trend of world gasoline prices.
According to forecasts, in tomorrow's adjustment period, if the regulatory agency does not spend the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may increase by 620-730 VND/liter. Diesel prices may increase by 700-740 VND/liter.
If the above forecast is correct, domestic gasoline prices will have an upward adjustment session after a sharp decrease in the previous adjustment period.
In case the Ministry of Industry and Trade - Ministry of Finance spends the BOG Fund, gasoline prices may increase less.
In the most recent petrol price adjustment (February 8), petrol prices were adjusted down across the board. Of which, the price of RON 95 petrol decreased to nearly VND23,000/liter.
Specifically, the price of E5 gasoline decreased by 790 VND/liter, the selling price is 22,120 VND/liter. The price of RON 95 gasoline decreased by 900 VND/liter, the price down to 23,260 VND/liter.
Diesel price decreased by 290 VND/liter, retail price is 20,700 VND/liter. Kerosene price decreased by 340 VND/liter, retail price is 20,580 VND/liter.
In this management period, the Ministry of Finance - Ministry of Industry and Trade only allocated 300 VND/kg for fuel oil to the Petroleum Price Stabilization Fund. The management agency did not allocate nor spend the Petroleum Price Stabilization Fund for all other types of petroleum.
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