Today, gasoline price increased for the 3rd time in a row, touching 30,000 VND/liter?

According to data from the Ministry of Industry and Trade, the average price of finished gasoline on the Singapore market was updated to May 6 with RON 92 being 137.36 USD/barrel, RON 95 gasoline being 141.65 USD/barrel, a sharp increase compared to that of RON 95. with the previous operating period.

Responding to VTC News, a representative of a petroleum business in Hanoi said that the world oil price has increased sharply in recent days due to tight supply. This will cause the retail price of petrol in the country to increase accordingly. At the price management period this afternoon 11/5, the operator will definitely adjust in the direction of increasing all petroleum products. The increase is forecasted at about 1,000 – 1,600 VND/liter, kg depending on the type.

However, now that the stabilization funds of large enterprises have improved, it is likely that the price management agency will not deduct or spend BOG funds in this period. Thus, gasoline prices will not be increased too much, avoiding a “shock” to the economy.

In the previous operating period, E5 RON92 gasoline increased by 334 VND/liter, the retail price was not higher than 27,468 VND/liter, 966 VND/liter lower than RON95 gasoline; RON95 gasoline increased by 442 VND/liter, the selling price was not higher than 28,434 VND/liter.

According to the report of the Ministry of Industry and Trade, in the price management periods, the inter-ministries of Finance – Industry and Trade have flexibly used the stabilization fund tool to ensure that the domestic gasoline price follows the trend of the world gasoline price. world, but the increase was lower.

Specifically, the average price of some finished petroleum products in the world (traded on the Singapore market) in the operating period on April 21, compared with the beginning of 2022, fluctuated by 36-60%, but the domestic gasoline price increased by 36-60%. The operating period on April 21, compared with the beginning of 2022, only increased by 3,975 – 7,120 VND/liter/kg (depending on the type of petrol), equivalent to an increase of 17 – 39%.

The above-mentioned adjustment of petrol and oil prices aims to contribute to ensuring the achievement of the objectives of controlling inflation and stabilizing the market, supporting people and businesses in the process of restoring production and business activities, etc. negative impact on development economy society, production and business activities and people’s life.