Gasoline prices are forecasted to decrease during the petrol price adjustment period on March 21

Businesses expect gasoline and oil prices on March 21 to decrease by 1,200-2,700 VND/liter. If the Inter-Ministry of Industry, Trade and Finance deducts the price stabilization fund, the reduction will be less.

On March 21, the Inter-Ministry of Finance – Industry and Trade will adjust gasoline prices according to the cycle. Data from the Ministry of Industry and Trade shows that the average price of finished gasoline on the Singapore market updated to March 17 decreased sharply, about 9-12% compared to the previous adjustment period. Specifically, gasoline RON 92 is 120.29 USD/barrel, RON 95 is at 124.14 USD/barrel.

According to Zing, the leader of a key business in Ho Chi Minh City said that after March 11, the world oil price tended to decrease according to positive signals from the negotiations.

This person forecast that without affecting the stabilization fund, the price of E5 RON 92 gasoline may decrease by 1,500 VND/liter, RON 95 gasoline may decrease by 1,700 VND/liter, and the oil price by about 2,500-2,700 VND/liter.

On the other hand, if the management agency increases or decreases the expenditure of the petrol price stabilization fund, the gasoline price will decrease by about 1,200-1,400 VND/liter.

This is entirely possible when the Stabilization Fund has not much space left, large key enterprises have negative funds and the past 7 consecutive adjustment periods, the Stabilization Fund has continuously spent from 100-1,500 VND/liter depending on the type in order to stabilize domestic gasoline prices.

From the oil price management period at the beginning of the year (January 11) to the operating period on March 11, there have been 6 periods of increasing prices. The price of petrol and oil of all kinds increased from 4,625-7,030 VND/liter/kg (depending on the type of petrol), equivalent to an increase of 24.91-39.56%.

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According to the Ministry of Industry and Trade, the adjustment of domestic gasoline prices is in line with the movements of world gasoline prices, but the increase is lower than the increase of world gasoline prices.

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Over the past time, the “hot” increase in gasoline prices is having a negative impact on economic recovery, people’s lives, macroeconomic situation and inflation control.

In order to control gasoline prices, the Government proposes to reduce 50% of environmental protection tax on gasoline and oil. Accordingly, a reduction of 2,000 VND/liter of gasoline, 1,000 VND/liter/kg for diesel, fuel oil, lubricants, grease and 700 VND/liter for kerosene. This level is expected to take effect from April 1.

At the operating period of March 11, the price of gasoline increased by nearly 3,000 VND/liter to 28,980 VND/liter with E5 RON 92 and 29,820 VND/liter with RON 95 gasoline. Diesel oil is 25,260 VND/liter, kerosene is 23,910 VND/liter.

@ Zing News

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