Gasoline prices may increase for the fourth consecutive time tomorrow

Responding to VTC News , Mr. Dang Hoai Phuong, Director of Phuong Nam Petroleum Retail Enterprise, informed that the world's oil supply is scarce due to the tense situation in the Red Sea, while domestically, the demand for gasoline at the end of the year and the days before Lunar New Year is also increasing.

Therefore, it is forecasted that in the gasoline price adjustment period tomorrow, February 1, gasoline prices may increase for the fourth consecutive time. Specifically, the increase in gasoline prices is forecasted to be from 800 - 1,000 VND/liter, while the price of other types of oil will increase by 500 - 600 VND/liter, kg.

Gasoline prices are expected to increase sharply tomorrow. (Illustration: Cong Hieu).

Forecasting more about gasoline prices during the Lunar New Year, Mr. Phuong said that the next adjustment period will be on February 8 (29th of the Lunar New Year), which is the Lunar New Year holiday. If the Ministry of Finance and the Ministry of Industry and Trade adjusts the price early on February 7, the price may continue to increase. If the adjustment is extended until February 15, it will depend on the world price developments.

Similarly, Mr. Nguyen Xuan Thang, Director of Hai Au Phat petroleum retail enterprise, also stated that gasoline prices will increase by at least 900 - 1,000 VND/liter, oil prices will increase by about 500 - 700 VND/liter, kg.

If forecasts are correct, gasoline prices will increase for the fourth consecutive time since the beginning of 2024.

Recently, Prime Minister Pham Minh Chinh signed and issued Official Dispatch No. 09/CD-TTg dated January 24, 2024 on ensuring adequate supply of gasoline for production, business and consumption during the 2024 Lunar New Year and the coming time.

According to the Prime Minister, in the coming time, the world situation will continue to develop in a complicated and unpredictable manner, affecting the price and supply of gasoline for the world and domestic markets.

Therefore, the Prime Minister requested the Ministry of Industry and Trade to regularly monitor and grasp the situation of the world and domestic petroleum market; strengthen inspection, supervision, guidance, and promptly adjust the allocation of total petroleum resources in accordance with the market situation. Proactively have solutions early, from afar and have plans to compensate for appropriate petroleum supply in all situations.

" Absolutely do not allow shortages or disruptions in the supply of gasoline and oil for production, business and consumption of people and businesses ," the Prime Minister's dispatch emphasized.

The Prime Minister requested the Ministry of Industry and Trade to coordinate with relevant agencies to strictly handle organizations and individuals violating regulations on petroleum trading. At the same time, timely solutions should be taken to avoid affecting or disrupting the supply of petroleum in provinces and cities, especially during the upcoming Lunar New Year 2024.

In addition, the Ministry of Industry and Trade is assigned to preside over and closely coordinate with the Ministry of Finance to manage gasoline prices in accordance with legal regulations, in line with market conditions and to ensure harmony of interests between the State, businesses and people.

On the side of the Ministry of Finance, the Prime Minister requested to preside over and coordinate with the Ministry of Industry and Trade and key petroleum traders to review and decide on adjusting related costs in the formula for calculating the basic price of petroleum, ensuring timeliness, compliance with legal regulations and in line with developments in the petroleum market.

Currently, domestic gasoline prices are being applied according to the adjustment regulations on January 25 of the Ministry of Finance - Industry and Trade. Specifically, the price of E5 RON92 gasoline increased by 753 VND/liter, not higher than 22,171 VND/liter; RON95 gasoline increased by 925 VND/liter, not higher than 23,407 VND/liter.

Diesel price increased by 182 VND/liter, not higher than 20,376 VND/liter; Kerosene increased by 8 VND/liter, not higher than 20,544 VND/liter and fuel oil price decreased by 14 VND/kg, not higher than 15,494 VND/kg.

In this operating period, the operating agency has decided to set aside a price stabilization fund for fuel oil at VND300/kg (as in the previous period), not to set aside a fund for gasoline, diesel and kerosene. At the same time, the fund will not be used for all gasoline products.

On the world market, on the morning of January 31, Brent oil price was trading at 82.87 USD/barrel, up 0.47 USD compared to early yesterday morning. Meanwhile, WTI oil price was at 77.82 USD/barrel, up 1.04 USD.

Oil prices rose after the Fed raised its global economic growth forecast, raising the prospect for both the US and China of faster-than-expected inflation declines.

Global growth is forecast at 3.1% this year, up two-tenths of a percentage point from the October 2023 forecast, and growth is expected to remain unchanged at 3.2% in 2025. The historical average for the 2000-2019 period is 3.8%.

Global trade is expected to grow 3.3% in 2024 and 3.6% in 2025, well below the historical average of 4.9%.

PHAM DUY

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