Domestic gasoline prices at the adjustment session tomorrow (June 1) are forecast to increase following world oil prices. Gasoline prices may increase by up to 900 VND/liter, oil prices are likely to increase less.
According to schedule, tomorrow afternoon (June 1), the Ministry of Industry and Trade - Ministry of Finance will adjust retail gasoline prices every 10 days.
Data from the Ministry of Industry and Trade shows that the prices of finished gasoline and oil products on the Singapore market in this cycle increased compared to the previous management period (May 22).
Accordingly, the average price of RON 92 gasoline (used to blend E5 gasoline) in Singapore updated from May 24-29 was 88.308 USD/barrel, the average price of RON 95 gasoline was 93.348 USD/barrel. Meanwhile, in the previous cycle, the average price of RON 92 gasoline in the Singapore market was 85.146 USD/barrel, the price of RON 95 gasoline was 89.633 USD/barrel.
Thus, compared to the previous cycle, the average price of RON 92 gasoline from May 24-29 increased by 3.162 USD/barrel, the average price of RON 95 gasoline increased by 3.715 USD/barrel.
Domestic gasoline prices may continue to increase in tomorrow's adjustment period.
Meanwhile, the average oil price on the Singapore market updated from May 24-29 increased compared to the previous cycle, but the amplitude was not much.
Specifically, the average price of diesel oil is 90.008 USD/barrel, kerosene is 88.755 USD/barrel, and fuel oil is 429.485 USD/ton. In the previous cycle, the average price of diesel oil was 89.184 USD/barrel, kerosene was 89.187 USD/barrel, and fuel oil was 435.577 USD/ton.
Compared to the previous period, the average price of diesel from May 24 to 29 increased by 0.824 USD/barrel. Kerosene alone decreased by 0.432 USD/barrel, and fuel oil decreased by 6.092 USD/ton.
In the world market, gasoline prices increased slightly last week but this week they have tended to decrease.
Last week, both oil benchmarks posted their second consecutive weekly gain, with Brent up 1.7% and WTI up 1.6% from the previous week.
This week, after a slight increase in the first session of the week, oil prices showed signs of decline. At the end of the trading session on May 30, world oil prices fell more than 4%.
According to data from Oilprice, at 8:03 a.m. on May 31 (Vietnam time), Brent crude oil price was trading at 73.54 USD/barrel and WTI oil price was at 69.49 USD/barrel.
Reuters said the sudden drop in oil prices was due to growing concerns about whether the US Congress would pass a US debt ceiling deal and mixed messages from major oil producers about the supply outlook ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) later this week.
Leaders of some key petroleum enterprises said that although world oil prices are on a downward trend, they had previously increased quite strongly. In addition, the price of imported gasoline in the Singapore market in this management period has also increased. Therefore, the domestic retail price of gasoline in the management period tomorrow (June 1) is forecast to increase following world oil prices.
If the management agency does not influence the Petroleum Price Stabilization Fund, the price of E5 RON 92 gasoline may increase by 550-810 VND/liter, the price of RON 95 may increase by 650-900 VND/liter. Meanwhile, the price of oil may increase by 250-300 VND/liter.
In case the Ministry of Industry and Trade and the Ministry of Finance spend the Stabilization Fund, gasoline and oil prices may increase less.
If the above forecast is correct, domestic gasoline prices will increase for the second consecutive time tomorrow.
Since the beginning of the year, gasoline prices have undergone 15 adjustments, including 8 increases, 6 decreases and 1 unchanged.
In the most recent adjustment (May 22), gasoline prices were adjusted up by the Ministry of Finance - Industry and Trade. Accordingly, the price of RON 95 gasoline increased by VND490/liter, to VND21,490/liter. E5 RON 92 gasoline increased by VND350/liter, to VND20,480/liter. Diesel oil price increased by VND300/liter, to VND17,950/liter. Kerosene price decreased by VND10/liter, to VND17,960/liter.
The regulatory agency sets aside a price stabilization fund for gasoline and oil at 300 VND/liter.
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