Leading fuel distributors predict that domestic retail gasoline and diesel prices may increase slightly by 250-300 VND/liter tomorrow, May 22nd.
According to regulations, the next fuel price adjustment will be on May 21st. However, since it falls on a Sunday, a day off, the regulatory agency will postpone the announcement of the new fuel prices to tomorrow, May 22nd, the first working day of the week.
Speaking to VTC News, Ms. Phung Thi Hong, a distributor of Hong Minh petroleum products, a major petroleum distribution company in the Central Highlands region, said: “ Gasoline prices may remain unchanged or increase slightly by 250-300 VND/liter. However, the adjustment will depend on fluctuations in world oil prices over the weekend and on the allocation of the petroleum price stabilization fund and other adjustment fees, if any.”
Fuel prices are forecast to increase slightly tomorrow, May 22nd (Photo: Traffic Newspaper).
Meanwhile, Mr. Bui Ngoc Bao, Chairman of the Vietnam Petroleum Association, said that world oil prices have been fluctuating continuously in recent days, but trending upwards in the early trading sessions of the week and slightly decreasing on the last two days of the week, May 18-21.
Specifically, at 7:00 AM on May 21st, WTI crude oil prices fell by $1.22 to $71.82 per barrel, while Brent crude oil prices fell by $1.71 to $75.62 per barrel. Although global oil prices have slightly decreased in recent days, they remain fundamentally 2% higher than at the end of last week.
Domestic retail gasoline prices on May 21st are based on the May 11th price adjustment by the Ministry of Finance and the Ministry of Industry and Trade. Specifically, RON95 gasoline is priced at 21,000 VND, a decrease of 1,320 VND/liter, and E5 RON92 gasoline is priced at 20,130 VND, a decrease of 1,300 VND/liter.
Prices of petroleum products also decreased across the board. Diesel fuel is now priced at 17,650 VND/liter, down 600 VND. Kerosene is now priced at 17,970 VND/liter, down 550 VND; and fuel oil is down 640 VND, with a new price of 14,860 VND/kg.
In this price adjustment, the regulatory agency decided to allocate 300 VND/liter for E5 gasoline, RON 95 gasoline, and diesel, kerosene, and fuel oil. The agency also decided not to disburse funds from the fuel price stabilization fund, while allocating 500 VND/liter for E5 and RON 95 gasoline, and 300 VND/liter for other oil products. Thus, gasoline prices have decreased for the third consecutive time.
Since the beginning of the year, gasoline and diesel prices have undergone 14 adjustments. Of these, there have been 7 increases, 6 decreases, and 1 time the price remained unchanged.
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