According to regulations, the operating period for domestic gasoline prices will be on May 21. However, because it falls on Sunday as a holiday, the regulator moved the announcement date of the new petrol price to today (May 5).
Forecasting gasoline prices today, many people think that gasoline prices may increase again after 3 consecutive declines. The increase can be from 250-300 VND/liter.
Petrol prices in the country today may increase slightly. (Artwork: Cong Hieu)
According to Mr. Bui Ngoc Bao, Chairman of the Vietnam Petroleum Association, the world gasoline prices in recent days fluctuated continuously but followed an upward trend in the first trading sessions of the week and decreased slightly in the last two days of May 18-21.
The retail price of gasoline in the country is currently applied according to the May 11 operating session of the Inter-Ministry of Finance - Industry and Trade. Specifically, the price of RON5 gasoline dropped to 95 VND, down 21.000 VND/liter, E1.320 RON5 gasoline was 92 VND, down 20.130 VND/liter.
The price of oil products also fell simultaneously. Diesel oil 17.650 VND/liter, down 600 VND. Kerosene has a new price of 17.970 VND/liter, down 550 VND; mazut oil decreased by 640 dong, with a new price of 14.860 dong/kg.
In this adjustment period, the management agency decided to set aside 300 dong/liter for gasoline E5, RON 95 and DO oil, kerosene, fuel oil. The operator also decided not to spend the petrol price stabilization fund, and set up a price stabilization fund of 500 VND/liter for E5 and RON 95 gasoline, 300 VND/liter for oil products. Thus, gasoline prices fell for the third time in a row.
Since the beginning of the year, gasoline has undergone 14 price adjustments. In which, 7 times increased, 6 times decreased and 1 time remained the same.
World oil price
At 6:30 am on June 22, the price of WTI oil traded at 5 USD/barrel, down 71,82 USD/barrel while Brent oil traded at 1,07 USD/barrel, down 75,62 USD/ounce compared to the early hours of the morning.
Oil prices last week were affected by changes around negotiations to increase the US debt ceiling and tightening oil supply.
In the first trading session of the week, prices of the world's two most popular oils rose more than 1% on concerns about tight supply and rising demand outlook.
Wildfires in Alberta, Canada disrupted the production of at least 300.000 barrels of oil per day. In addition, the fact that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) started voluntary production cuts also made the supply tight. Meanwhile, fuel demand in the world's top oil consuming countries showed signs of improvement.
In the second session of the week, oil prices turned back slightly lower as economic data from China - the world's second-largest oil consumer - showed a slower-than-expected recovery. China's industrial output in April increased by only 2 percent year-on-year, much slower than the 4% forecast. Along with that, retail sales increased less than expected in the US also pushed down oil prices.
By the third session of the week, world oil prices rose nearly 3% thanks to optimism about the US debt ceiling after US President Joe Biden and Republican congressman Kevin McCarthy emphasized their determination to reach an agreement soon to avoid a catastrophic default.
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