According to plan, the Ministry of Industry and Trade and the Ministry of Finance will adjust retail gasoline prices periodically tomorrow (October 17).
The leader of a major petroleum distribution company in Hanoi said that after the previous adjustment period, crude oil prices suddenly plummeted, especially after news that Israel would not attack Iran's crude oil or nuclear facilities.
On October 15, the price of imported gasoline in the Singapore market was at 84.88 USD/barrel for RON 95 gasoline, down 4 USD/barrel compared to the previous week (October 7); RON 92 gasoline also fell to 78.39 USD/barrel, down more than 4 USD/barrel. Therefore, it is likely that domestic gasoline prices will reverse to decrease during this adjustment period.
Accordingly, the price of RON 95 gasoline is forecast to decrease by 110VND/liter; E5 RON 92 gasoline is forecast to decrease by 120 VND/liter; diesel may decrease by about VND160/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly draw from the Price Stabilization Fund, the price of gasoline may decrease less or remain the same compared to the previous adjustment session.
However, since the adjustment period in October 2023, the Ministry of Industry and Trade - Ministry of Finance has not set aside or used the Petroleum Price Stabilization Fund.
According to the Ministry of Industry and Trade, since implementing the 7-day reduction in gasoline prices according to Decree No. 80/2023 on gasoline trading, domestic gasoline prices have been consistent with world gasoline price developments.
Along with that, the types of petroleum business costs are updated promptly, creating motivation for businesses to create petroleum sources to fully supply the needs of the domestic market.
The Ministry of Industry and Trade said that with the implementation of a price adjustment cycle of 7 days/time, the price fluctuation between two adjustments is not large, domestic gasoline prices closely follow world price developments.
Therefore, businesses can proactively calculate prices, plan to import goods according to the minimum total source allocation for 2024 of the Ministry of Industry and Trade and register quarterly, and supply gasoline.
"The impact of adjusting gasoline prices on the socio-economic situation is not large, and there is almost no need to use the Petroleum Price Stabilization Fund. This contributes to the goal of controlling inflation and ensuring the harmony of interests between businesses and gasoline users," said a report by the Ministry of Industry and Trade.
Regarding the balance of the Petroleum Price Stabilization Fund, the Ministry of Finance said that the balance of the Petroleum Price Stabilization Fund as of the end of the second quarter of 2024 is 6,061 billion VND.
Domestically, on October 16, Petrolimex's retail price list for gasoline and oil announced that the price of RON95 gasoline in the market of region 2, after being adjusted up last Thursday, has increased to 22,000 VND/liter.
Of which, RON 95-V gasoline is 22,030 VND/liter, RON 95-III gasoline is 21,480 VND/liter, E5 RON 92 gasoline is 20,230 VND/liter, diesel oil is 19,300 VND/liter, kerosene is 19,160 VND/liter, fuel oil (wholesale price) is 16,220 - 20,620 VND/kg.
