How much will the price of gasoline increase this afternoon (May 22)?

In the world market, gasoline prices today (May 22) tend to increase following the increase from last week.

Last week, world oil prices reversed to increase after 4 consecutive weeks of decline. In the 5 trading sessions of the week, oil prices increased 2 sessions and decreased slightly 3 sessions. Although the number of decreasing sessions was greater than the number of increasing sessions, the stronger increase rate pushed oil prices up.

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.

In addition, oil prices improved thanks to a positive forecast for gasoline demand from the International Energy Agency (IEA). The IEA raised its forecast for global oil demand this year by 200,000 barrels per day, to a record 102 million barrels per day.

In the last two trading sessions of the week, oil prices fell due to the strengthening of the USD, the possibility that the US Federal Reserve (Fed) will continue its interest rate hike cycle in June and the temporary suspension of US debt ceiling negotiations. In total, oil prices fell more than 1% in these two trading sessions.

According to Reuters, for the whole week, both benchmark oil products increased by about 2% compared to the previous week.

This is the first week of increase after 4 consecutive weeks of decline in world oil prices. In the previous week, Brent and WTI oil prices both decreased by about 1.5%.

In the domestic market, leaders of some key petroleum enterprises said that domestic retail gasoline prices in today's adjustment period are likely to increase following world gasoline prices.

According to forecasts, if the Ministry of Industry and Trade - Ministry of Finance does not affect the Petroleum Price Stabilization Fund, gasoline prices may increase by 350-410 VND/liter. Oil prices may increase less.

If the forecast is correct, domestic gasoline prices will increase today after three consecutive decreases. So far this year, gasoline prices have been adjusted 15 times, including eight increases, six decreases, and one unchanged.

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 RON 95 gasoline is down to VND21,000, down VND1,320/liter, and E5 RON 92 gasoline is VND20,130, down VND1,300/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 has decided to set aside 300 VND/liter for E5 gasoline, RON95, DO oil, kerosene, and fuel oil.

The operator also did not spend the petrol price stabilization fund, but set aside 500 VND/liter for E5 and RON95 gasoline, and 300 VND/liter for oil products.

KIM GIANG

Source: https://www.qdnd.vn/kinh-te/tin-tuc/gia-xang-chieu-nay-22-5-se-tang-bao-nhieu-728904