How much will gasoline prices increase this afternoon (March 13)?

Updated data on finished petroleum product prices in the Singapore market by the Ministry of Industry and Trade as of March 9 shows: Base gasoline prices in the Singapore market are increasing compared to the previous adjustment period (March 1).

Accordingly, the average price of RON 92 gasoline (used to blend E5 gasoline) in Singapore updated from March 1 to 9 was 96.704 USD/barrel, the average price of RON 95 gasoline was 100.55 USD/barrel. Meanwhile, in the previous cycle, the average price of RON 92 gasoline in the Singapore market was 94.182 USD/barrel, the price of RON 95 gasoline was 97.928 USD/barrel.

Thus, compared to the previous cycle, the average price of RON 92 gasoline as of March 9 increased by 2.522 USD/barrel, the average price of RON 95 gasoline increased by 2.622 USD/barrel.

Similarly, the average oil price on the Singapore market updated to March 9 also increased compared to the previous cycle.

Specifically, the average price of diesel oil is 103.976 USD/barrel, kerosene is 105.285 USD/barrel, and fuel oil is 456.863 USD/ton. In the previous cycle, the average price of diesel oil was 99.950 USD/barrel, kerosene was 102.51 USD/barrel, and fuel oil was 424.429 USD/ton.

Thus, compared to the previous period, the average price of diesel from March 1 to 9 increased by 4.026 USD/barrel; kerosene increased by 2.775 USD/barrel; and fuel oil increased by 32.434 USD/ton.

In the world market, crude oil prices fluctuate erratically. Last week, after falling for 4 consecutive sessions, oil prices turned up at the end of the week.

Update on the oil price page at 10:45 this morning (March 13) shows: Brent crude oil price for May delivery was traded at 82.89 USD/barrel, WTI oil price for April delivery was traded at 76.84 USD/barrel - up from previous sessions.

Thus, with the world crude oil price turning up again, domestic gasoline prices are forecast to increase in the management period this afternoon (March 13), but the general trend is still a slight increase, at 100 - 200 VND/liter following the world price trend.

However, domestic retail prices still depend on many factors such as: Operation of the gasoline price stabilization fund, arising costs (if any)... In case the management agency does not set aside or spend the stabilization fund and world oil prices go down, gasoline prices may continue to decrease or remain stable.

In the most recent adjustment period (March 1), domestic petroleum prices were adjusted down. Gasoline prices decreased by more than VND100/liter; oil prices decreased by more than VND300/liter - now lower than gasoline prices. RON95 gasoline prices are currently at more than VND23,000/liter, while oil prices are lower, at more than VND20,000/liter.

Specific gasoline prices from March 1, 2023 to present:

- E5RON92 gasoline: Not higher than VND 22,421/liter;

- RON95-III gasoline: Not higher than VND 23,325/liter;

- Diesel 0.05S: Not higher than VND 20,255/liter;

- Kerosene: Not higher than VND 20,474/liter;

- Mazut oil 180CST 3.5S: Not higher than 14,555 VND/kg.

MINH AN

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