World oil increases, domestic gasoline prices will increase after Tet?

, World oil increases, domestic gasoline prices will increase after Tet?

The continuous increase in world oil prices may put pressure on domestic retail prices in the adjustment period immediately after the Lunar New Year holiday in 2023.

Accordingly, at 9 am on January 15, on Oilprice , the US WTI oil price traded at 79.8 USD/barrel, up 1.47 USD; Brent oil traded at 85.2 USD/barrel, up 1.25 USD compared to 24 hours earlier. For the whole week, oil prices increased by more than 8%.

World oil soars, domestic gasoline prices will increase after Tet? - Photo 1.World oil soars, domestic gasoline prices will increase after Tet? - Photo 1.

Petrol prices are forecasted to increase in the price management period after the 2023 Lunar New Year holiday. (Artwork)

Currently, the Ministry of Industry and Trade has just updated gasoline prices on the Singapore market as of January 10. Accordingly, the price of A92 gasoline is 88.2 USD/barrel, A95 gasoline is 91.7 USD/barrel, and diesel oil is 108.3 USD/barrel. This price is equivalent to the average world price of petroleum products in the middle of the latest operating period (which is $88,620/barrel of RON92 gasoline and $92,022/barrel of RON95 gasoline and $108,580/barrel of diesel).

According to analysts, this week, oil prices maintained a strong upward momentum amid expectations of global economic growth continuing to increase and underpinned by positive economic data from major economies. Besides, inflation data cooled down, raising expectations that the US Federal Reserve (Fed) would turn around monetary policy. China’s recent increase in crude purchases has also pushed expectations that demand will return soon, which will support oil prices.

Leaders of some domestic petroleum businesses said that if the world oil price continues its current upward trend, in the coming operating period, the management agency may increase the retail price of gasoline. “The increase depends on the world oil’s momentum in the coming days and the management of the Price Stabilization Fund (BOG),” he said.

READ MORE:  Vietnam’s gold price reach a peak in 12-month global prices dropped.

Currently on the market, the selling price of popular consumer petroleum products in the market is as follows: E5 RON92 gasoline is not higher than 21,352 VND/liter; RON95 gasoline is not higher than 22,154 VND/liter; diesel oil not higher than 21,634 VND/liter; kerosene not higher than 21,809 VND/liter; fuel oil is not higher than 13,366 VND/kg.

Petrol price adjustment is delayed after the Lunar New Year

Confirming with VTC News, Mr. Tran Duy Dong, Director of the Domestic Market Department (Ministry of Industry and Trade), said that the Inter-Ministry of Industry, Trade and Finance will adjust the retail price of petrol on February 1 instead of the same date 21/1 as usual.

The reason, according to the provisions of Decree 95/2021, the petrol price management period will be held on the 1st, 11th and 21st of every month. However, for operating periods that coincide with holidays or public holidays according to state regulations, the operating time is postponed to the next working day.

In case the prices of petroleum products have abnormal fluctuations, greatly affecting socio-economic development and people’s lives, the Ministry of Industry and Trade is responsible for reporting to the Prime Minister for consideration and decision on the operating time petrol prices accordingly.

“The petroleum management period is on January 21, coinciding with the Lunar New Year holiday (December 30), so according to regulations, it will be postponed to February 1,” the leader of the Domestic Market Department said.

On groups of petrol and oil trading associations, a number of petrol and oil trading enterprises have shared the notices of their focal enterprises to distributors and retailers about the time of the next price adjustment.

READ MORE:  MSB earns US$90 mn upfront fee from exclusive bancassurance deal with Prudential: SSI Research

Don’t worry about lack of fuel during the Lunar New Year 2023

In order to ensure the supply of petroleum in the context of the complicated world market, Minister Nguyen Hong Dien directed the Vietnam National Petroleum Group, the Vietnam Oil and Gas Group, the Vietnam Electricity Group and other investment enterprises to ensure the supply of petroleum products. Petrol and oil business partners shall carry out the prescribed circulation reserve, strictly implement the assigned minimum total petroleum source, have a plan to ensure a stable supply of petrol and oil for production and daily life. of people at the end of the year and before, during and after the Lunar New Year, so as not to interrupt the supply of gasoline in the business system.

Source: CafeF

News related