Domestic gasoline prices may decrease tomorrow, RON 95 gasoline will decrease for the fourth consecutive time

Domestic gasoline prices at the adjustment session tomorrow (December 7) may decrease following world prices. If the Price Stabilization Fund is not used, gasoline prices may decrease by 320-520 VND/liter, while diesel prices may decrease by about 310-410 VND/liter.

Tomorrow (December 7) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83.

Domestic gasoline prices are being affected by world gasoline prices and the Singapore market.

In the world market, oil prices have experienced 6 consecutive weeks of decline. Currently, Brent and WTI oil prices have fallen far below the 80 USD/barrel mark.

According to data from Oilprice, at 7:38 a.m. on December 6 (Vietnam time), Brent oil price was trading at 77.2 USD/barrel, down 0.83 USD, equivalent to 1.06% compared to the previous session. Meanwhile, WTI oil price was at 72.17 USD/barrel, down 0.15 USD, equivalent to 0.21% compared to the previous session.

According to analysts, world oil prices continue to fall due to uncertainties surrounding voluntary production cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+), tensions in the Middle East and weak economic data from the US.

In the Singapore market, the average price of finished gasoline in the recent period has tended to decrease compared to the previous period. The adjustment level is relatively large.

Domestic gasoline prices may decrease tomorrow, RON 95 gasoline will decrease for the fourth consecutive time

Domestic gasoline prices are expected to decrease tomorrow. (Photo: Tuan Anh)

Commenting on domestic gasoline prices at the management session tomorrow (December 7), leaders of several gasoline businesses said that domestic gasoline prices may decrease following world prices.

According to forecasts, in tomorrow's adjustment period, if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may decrease by 320-520 VND/liter. Similarly, diesel prices are likely to decrease by 310-410 VND/liter.

In case the Ministry of Industry and Trade - Ministry of Finance affects the BOG Fund, gasoline prices may decrease less.

If the above forecast is correct, domestic RON 95 gasoline prices will have their fourth consecutive downward adjustment session.

Since the beginning of the year, gasoline prices have undergone 34 adjustments, including 18 increases, 11 decreases, 4 unchanged prices, and 1 opposite price change.

In the most recent petrol price adjustment period (November 30), retail prices of petrol and oil were adjusted in opposite directions.

Specifically, the price of E5 gasoline was raised by 100 VND per liter, selling price is 21,790 VND/liter. The price of RON 95 gasoline was reduced by 30 VND/liter, selling price is 22,990 VND/liter.

Diesel price decreased by 90 VND/liter, selling price is 20,190 VND/liter. Kerosene price increased by 170 VND/liter, up to 21,110 VND/liter.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance continues to stop setting aside and also does not spend the BOG Fund.

According to the Ministry of Finance, the total amount of BOG Fund deductions in the third quarter of 2023 (from July 1 to September 30) is 13.92 billion VND. The fund expenditure is 387.94 billion VND.

The balance of the BOG Fund as of September 30 was VND 7,058.55 billion, while the fund balance as of June 30 was VND 7,429.33 billion.

Most key enterprises have a positive price stabilization fund. The fund balance at Petrolimex alone is the largest, accounting for nearly half of the total fund balance with more than 3,088 billion VND; followed by Hai Ha Waterway Transport Company Limited with more than 612 billion VND...

Meanwhile, PVOil has a negative fund balance of more than 101 billion VND; Tan Nhat Minh petroleum has a negative balance of more than 36 billion VND.

According to Vietnamnet

Source