Petrol prices in the country are set to rise again tomorrow (April 21) after 3 consecutive cuts. According to the forecast, the gasoline price can rise from 700-800 VND/litre if the operator does not deduct the price stabilization fund.
Data from the Ministry of Industry and Commerce shows that the price of finished gasoline in the Singapore market, updated to April 18, has increased significantly compared to the previous price calculation period (April 12).
Accordingly, the average price of RON 92 gasoline used to make E5 RON 92 gasoline is USD 118.59/barrel, and RON 95 gasoline is USD 125.93/barrel. At one point, RON 92 gasoline was almost USD 130/barrel, while RON 95 gasoline sometimes reached USD 132/barrel.
Similarly, as of April 18, oil prices in the Singapore market also tended to increase compared to the previous price calculation period. Diesel traded at nearly USD 147/barrel at one point.
In the global market, crude oil prices have risen in recent sessions. At 7:55 am today (April 20, Vietnam time), the price of WTI oil rose 1.06% to USD 103.7/barrel, while the price of Brent crude for delivery in June also rose 1.02% , to a price level of USD 108.3/barrel.
Prices of Brent and WTI oil have risen about 9% in the past week. World oil prices rose again after news that Europe was preparing a draft to ban oil imports from Russia.
Leaders of some petroleum wholesalers in Hanoi said that due to the recent surge in world gasoline prices, domestic gasoline prices will also rise at tomorrow’s price adjustment session (April 21).
It is predicted that in the adjustment period on April 21, without spending on the Stabilization Fund, the price of gasoline could rise by 700-800 VND/litre, while the price of oil is likely to rise by about 1,000-1,100 VND/litre.
On the other hand, if the management office sets up a petrol price stabilization fund, as in the previous operating period, petrol prices will rise less. This option is considered feasible as the Management Office does not currently use the Petroleum Products Price Stabilization Fund.
If the forecast is true, the domestic gasoline price will show the first rise after 3 consecutive declines.
In the most recent management period for petrol and oil prices (April 22), the Ministry of Industry and Trade – Finance decided to cut petrol and oil prices. Accordingly, the price of gasoline has fallen by more than 800 VND/litre, the price of oil by more than 700 VND/litre.