After falling in business on March 21, gasoline prices are expected to rise again on April 1, when world oil continues to fluctuate.
Late last week, the price of Brent oil was trading at USD 120.7/bbl and WTI at USD 113.9/bbl. Over the week, Brent was up more than 11.5% and WTI was up 8.8%, marking a bullish week for oil. With this continuing supply shortage, world experts predict that the oil price will rise further next week.
According to the Ministry of Industry and Trade, the world price for petrol has risen sharply recently. On March 24, the average price of finished petrol in the Singapore market was USD 132.31 for RON 92 petrol and USD 136.26/barrel for RON 95. Similarly, the price of diesel oil often returned to the milestone of USD 148.96/ barrel while previously it was only USD 130.18/barrel.
Right at the end of the previous adjustment period, the Ministry of Industry and Trade said the world oil market remains complicated. Gasoline prices, after falling in the days of mid-March, are on the rise again on concerns that supply to the market will decline sharply if an embargo on oil and gas resources from Russia is imposed, while OPEC is not yet ready. has decided to increase the offer.
A number of petroleum company leaders said the rise in world oil prices over the past week put pressure on the next gasoline price adjustment period. During the business period on April 1, gasoline prices may rise in line with the current price increase trend in the world.
However, with the decision to lower the environmental tax, which will come into effect from April 1, the gasoline can cool by a reduction of 1,100 – 2,200 VND (including VAT), depending on the type. This allows consumers to worry less about the sudden rise in gas prices.
During the gasoline price operation period on March 21, each liter of RON 95 gasoline decreased by 630 VND, while E5 RON 92 gasoline decreased by 650 VND. After the reduction, the price of RON 95 gasoline is still 29,192 VND/litre, E5 RON 92 gasoline is 28,330 VND/litre.
For example, from early 2022 to now, the domestic gasoline price has risen 7 times in a row with a total of about 6,500 VND/litre, especially recently rising to nearly 3,000 VND/litre in the business period on March 11. the world oil price fluctuated, the domestic gasoline price fell slightly by more than 600 VND/litre in the business period on March 21.