Domestic gasoline prices may drop sharply, RON 95 to 23,000 VND/liter

According to the schedule, tomorrow (May 9) 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, world oil prices last week recorded a weekly decline with Brent crude falling more than 7% and WTI crude falling 6.8%. Both of these oil products last week marked the deepest weekly decline in 3 months.

This week, after increasing at the beginning of the week, world oil prices have tended to decrease. Brent oil prices have dropped to 82 USD/barrel.

Gasoline prices may be adjusted down sharply. Photo: Nguyen Hue

According to data from Oilprice, at 7:44 a.m. on May 8 (Vietnam time), Brent oil was trading at $82.95 per barrel, down 0.25% from the previous session. WTI oil was at $78.22 per barrel, down 0.2% from the previous session.

Meanwhile, in the Singapore market, in the recent period, the average price of finished gasoline in this market decreased compared to the previous period with a very sharp decrease.

Based on the developments in world oil prices, leaders of some oil companies believe that domestic gasoline prices may decrease sharply in the next adjustment period (May 9).

Petroleum businesses predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), the price of E5 RON 92 gasoline may decrease by VND1,100/liter, the price of RON 95 gasoline may decrease by VND1,280/liter. The price of diesel may decrease by VND780/liter.

Thus, the price of RON 95 gasoline may reach 23,000 VND/liter.

In case the Ministry of Finance and Industry and Trade deducts from the BOG Fund, gasoline prices are likely to decrease less.

In the most recent gasoline price adjustment period (May 2), RON 95 gasoline price was adjusted up slightly, E5 RON gasoline price remained the same, and oil products (except fuel oil) decreased by 110-140 VND.

Specifically, the price of E5 gasoline remains unchanged at VND23,910/liter. The price of RON 95 gasoline increased by VND40/liter, to VND24,950/liter.

Meanwhile, diesel price decreased by 110 VND/liter, selling price down to 20,600 VND/liter. Similarly, kerosene price decreased by 140 VND/liter, selling price down to 20,540 VND/liter.

Source vietnamnet

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