Gasoline prices down after the holidays?

This morning (May 4), world oil prices fell sharply. Specifically, Brent oil price was at 61.4 USD/barrel, down 1.3%, WTI oil price was at 58.38 USD/barrel, down 1.6%. Over the past week, Brent oil price fell more than 8%, while WTI oil price plunged about 7.7%.

Oil prices fell as traders remained cautious ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to decide on the group's output policy in June.

According to forecasts, OPEC+ countries will increase supply sharply, but in the context of concerns about a global economic recession due to the US-China trade war, analysts say Gasoline price hold the downside momentum, anchor the lows until further information regarding supply and demand.

Update data Gasoline price The latest Singapore market price shows that gasoline 92 is trading at 73.7 USD/barrel, gasoline 95 is at 75 USD/barrel, down about 2 USD compared to 10 days ago.

According to businesses, in the face of the decline in world oil prices, on May 5, the prices of RON 95 and E5 RON 92 gasoline may decrease slightly by 40-100 VND/liter, and oil prices may decrease by 140-320 VND/liter. In case the regulatory agency uses the Oil Price Stabilization Fund, the adjustment level may change.

Previously, gasoline prices increased on April 24. Currently, the retail price of RON95 is traded at VND19,638/liter; E5 RON 92 is at VND19,238/liter. Diesel price is VND17,524/liter; kerosene price is VND17,715/liter and fuel oil is VND16,524/kg.

Gasoline prices are expected to fall on May 5.

Regarding gasoline prices, Ministry of Industry and Trade has just announced the 6th draft of the Decree on Petroleum Business, which includes many major changes. Accordingly, the principle of adjusting petroleum prices has been completely adjusted by the Ministry of Industry and Trade in line with the market and the State only intervenes according to the Law on Prices to stabilize the market when a competent authority declares a state of emergency, incident, disaster, natural disaster, epidemic and the market price level of petroleum products fluctuates abnormally.

The selling price of gasoline is calculated by the formula: Source creation cost + business cost + profit + value added tax. In which, source creation cost, including source creation cost from imported sources, source creation cost from domestic sources, is determined by the trader based on business reality, instead of the Ministry of Industry and Trade applying the price frame as in previous drafts.

Similarly, business costs are the actual costs of circulating gasoline domestically, including wholesale costs and retail costs at actual temperatures of gasoline wholesalers and gasoline distributors.

Profit will be determined by the main petroleum trader and petroleum distributor based on actual business. Value added tax will be implemented according to tax laws.

Wholesale traders and distributors will calculate and publish wholesale prices themselves. retail price of gasoline within and outside its system, then notify the Ministry of Industry and Trade, Provincial People's Committee, Department of Industry and Trade and Market Management Department where the trader has a distribution system.

Source: https://baoquangninh.vn/giam-gia-xang-dau-sau-ky-nghi-le-3356393.html