Companies expect gasoline and oil prices to fall by 1,200-2,700 VND/litre on March 21. If the Inter Ministry of Industry, Trade and Finance deducts the price stabilization fund, the reduction will be less.

On March 21, the Inter-Ministry of Finance – Industry and Trade will adjust petrol prices to the cycle. Data from the Ministry of Industry and Commerce shows that the average price of finished gasoline in the Singapore market, updated to March 17, fell sharply, about 9-12% compared to the previous adjustment period. Specifically, gasoline RON 92 is USD 120.29/barrel, RON 95 is USD 124.14/barrel.

According to Zing, the leader of a key company in Ho Chi Minh City said that after March 11, the world oil price tended to fall on positive signals from the negotiations.

This person predicted that without affecting the Stabilization Fund, the price of E5 RON 92 gasoline could fall by 1,500 VND/litre, RON 95 gasoline by 1,700 VND/litre and the oil price by about 2,500-2,700 VND/litre.

On the other hand, if the management agency increases or decreases the expenditure of the gasoline price stabilization fund, the gasoline price will fall by about 1,200-1,400 VND/liter.

This is very possible when the Stabilization Fund is running out of space, large key companies have negative funds, and for the past 7 consecutive adjustment periods, the Stabilization Fund has continuously spent 100-1,500 VND/litre, depending on the type to drive domestic gasoline prices.

From the oil price management period at the beginning of the year (January 11) to the business period on March 11, there were 6 periods of rising prices. The price of all types of gasoline and oil increased from 4,625-7,030 VND/litre/kg (depending on the type of gasoline), corresponding to an increase of 24.91-39.56%.

According to the Ministry of Industry and Trade, the adjustment of domestic gasoline prices is in line with movements in world gasoline prices, but the increase is lower than the increase in world gasoline prices.

In recent times, the “hot” rise in gasoline prices has negatively impacted the economic recovery, people’s lives, the macroeconomic situation and inflation control.

To keep petrol prices under control, the government is proposing to reduce the environmental tax on petrol and oil by 50%. Accordingly, a reduction of 2,000 VND/litre petrol, 1,000 VND/litre/kg for diesel, fuel oil, lubricants, grease and 700 VND/litre for kerosene. This level is expected to come into effect from April 1.

During the operating period of March 11, the gasoline price increased by almost 3,000 VND/litre to 28,980 VND/litre with E5 RON 92 and 29,820 VND/litre with RON 95 gasoline. Diesel oil is 25,260 VND/litre, kerosene is 23,910 VND/litre.

@ Sing News

Source: Vietnam Insider


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