Domestic gasoline prices may increase tomorrow

Retail gasoline prices in the operating period tomorrow (April 3) are forecast to increase slightly following world oil prices. Meanwhile, diesel prices may remain the same or increase slightly; kerosene and fuel oil prices are likely to decrease slightly.

According to the schedule, on the afternoon of April 1, the Ministry of Industry and Trade - Ministry of Finance will adjust the retail price of gasoline according to the 10-day cycle. However, due to the holiday, this price adjustment period will be postponed to the first working day of the following week (April 3).

Updated data from the Ministry of Industry and Trade shows that the prices of finished gasoline and oil products on the Singapore market in this cycle increased and decreased in opposite directions compared to the previous management period (March 21).

Accordingly, the average price of RON 92 gasoline (used to blend E5 gasoline) in Singapore updated from March 22 to 27 was 93.357 USD/barrel, the average price of RON 95 gasoline was 97.905 USD/barrel. Meanwhile, in the previous cycle, the average price of RON 92 gasoline in the Singapore market was 92.242 USD/barrel, the price of RON 95 gasoline was 96.512 USD/barrel.

Thus, compared to the previous cycle, the average price of RON 92 gasoline from March 22 to 27 increased by 1.115 USD/barrel, the average price of RON 95 gasoline increased by 1.393 USD/barrel.

Meanwhile, the average oil price on the Singapore market updated to March 27 also increased and decreased in opposite directions compared to the previous cycle.

Specifically, the average price of diesel oil is 96.59 USD/barrel, kerosene is 94.913 USD/barrel, and fuel oil is 401.128 USD/ton. In the previous cycle, the average price of diesel oil was 96.317 USD/barrel, kerosene was 97.152 USD/barrel, and fuel oil was 412.637 USD/ton.

Compared to the previous cycle, the average price of diesel from March 22 to 27 increased by 0.273 USD/barrel, kerosene decreased by 2.239 USD/barrel, and fuel oil decreased by 11.509 USD/ton.

In the world market, crude oil prices have fluctuated recently but the general trend is upward.
According to analysts, oil prices increased due to concerns about disruptions in oil supplies from Iraq and information about a decrease in US crude oil reserves. In addition, oil prices were also supported by Russia's plan to cut production.

Along with that, oil prices also received support from signs of a recovery in China's crude oil demand.

In addition, oil prices increased due to the falling USD as the market bet that the US Federal Reserve (Fed) would keep interest rates unchanged in May and plan to lower interest rates from June 2023.

At the end of this week, Brent oil price was traded at 79.89 USD/barrel, WTI oil price closed the week at 75.67 USD/barrel.

Domestic gasoline prices are expected to increase tomorrow.

Recent developments in imported gasoline prices and world oil prices will impact the domestic gasoline price adjustment period, which takes place on April 3.

Leaders of some key petroleum enterprises said that during the April 3 management period, domestic gasoline retail prices may increase slightly. Meanwhile, diesel prices may remain the same or increase slightly; kerosene and fuel oil prices may decrease slightly. However, the specific level of change depends on the management of the Price Stabilization Fund.

According to forecasts, domestic retail gasoline prices on the afternoon of April 3 may be adjusted up by 220 - 280 VND/liter. Kerosene prices will decrease by 380 VND/liter, and fuel oil prices will decrease by 190 VND/kg.

Thus, if the above forecast is correct, domestic gasoline prices will increase tomorrow.

Since the beginning of the year, gasoline prices have increased 4 times, decreased 3 times and remained unchanged once.

In the most recent adjustment period (March 21), gasoline prices were adjusted down.

Accordingly, the price of E5 gasoline decreased by 780 VND/liter, the selling price is 22,020 VND/liter; the price of RON 95 gasoline decreased by 780 VND/liter, to 23,030 VND/liter.

Similarly, oil products were also adjusted down. Diesel price decreased by 1,200 VND/liter, selling price is 19,300 VND/liter. Kerosene price decreased by 1,250 VND/liter, selling price is 19,640 VND/liter. Fuel oil price decreased by 800 VND, selling price is 14,479 VND/kg.

Also in this operating period, the Ministry of Industry and Trade - Ministry of Finance implemented the Price Stabilization Fund deduction for E5RON92 gasoline at 300 VND/liter, RON95 gasoline at 300 VND/liter; diesel oil at 300 VND/liter; kerosene at 300 VND/liter; mazut oil at 300 VND/kg.

At the same time, the operator also does not spend the Price Stabilization Fund on all petroleum products.

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