According to regulations, the domestic gasoline price adjustment period will be May 21. However, because Sunday is a holiday, the regulatory agency postponed the announcement of the new gasoline price to today (May 22).
Forecasting gasoline prices today, many opinions say that gasoline prices may increase again after 3 consecutive decreases. The increase may be from 250 - 300 VND/liter.
Domestic gasoline prices may increase slightly today. (Illustration photo: Cong Hieu)
According to Mr. Bui Ngoc Bao, Chairman of the Vietnam Petroleum Association, world oil prices have fluctuated continuously in recent days, but have tended to increase in the first trading sessions of the week and decrease slightly in the last two days of the week, May 18-21.
Domestic retail prices of gasoline and oil are currently applied according to the May 11th session of the Ministry of Finance - Ministry of Industry and Trade. Specifically, the price of RON95 gasoline is down to 21,000 VND, down 1,320 VND/liter, and E5 RON92 gasoline is 20,130 VND, down 1,300 VND/liter.
Prices of petroleum products also decreased simultaneously. Diesel oil is 17,650 VND/liter, down 600 VND. Kerosene has a new price of 17,970 VND/liter, down 550 VND; fuel oil has a new price of 14,860 VND/kg.
In this adjustment period, the regulatory agency decided to set aside 300 VND/liter for E5 gasoline, RON 95, DO oil, kerosene, and fuel oil. The regulator also decided not to spend the gasoline price stabilization fund, and set aside 500 VND/liter for E5 and RON 95 gasoline, and set aside 300 VND/liter for oil products. Thus, gasoline prices have decreased for the third consecutive time.
Since the beginning of the year, gasoline prices have undergone 14 price adjustments. Of these, 7 have increased, 6 have decreased, and 1 has remained unchanged.
World oil prices
At 6:30 a.m. on May 22, WTI oil price was trading at 71.82 USD/barrel, down 1.07 USD/barrel, while Brent oil was trading at 75.62 USD/barrel, down 1.2 USD/ounce compared to early this morning.
Oil prices were impacted last week by changes surrounding negotiations to raise the US debt ceiling and tightening oil supplies.
In the first trading session of the week, prices of the world's two most popular oil grades rose more than 1% on concerns about tight supplies and the prospect of rising demand.
Wildfires in Alberta, Canada have disrupted oil production by at least 300,000 barrels per day. In addition, voluntary production cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have also tightened supplies. Meanwhile, fuel demand in the world's top oil consumers has shown signs of improvement.
Oil prices fell slightly on Monday as economic data from China, the world’s second-largest oil consumer, pointed to a slower-than-expected recovery. China’s industrial output rose just 5.6% year-on-year in April, much slower than the 10.9% increase forecast. Meanwhile, weaker-than-expected retail sales in the US also pushed oil prices lower.
By the third trading session of the week, world oil prices increased by nearly 3% thanks to optimism about the US debt ceiling after US President Joe Biden and Republican Congressman Kevin McCarthy emphasized their determination to reach an agreement soon to avoid a catastrophic debt default.
Ngoc Vy
Useful
Emotion
Creative
Unique
Source
Comment (0)