Gasoline prices are at risk of increasing again after 5 reductions

According to forecasts, it is likely that in the upcoming adjustment period on August 22, gasoline prices will increase again if the executive agency does not use the Stabilization Fund. Currently, gasoline prices have increased to 29,000 VND/liter.

Data from the Ministry of Industry and Trade shows that the price of A95 gasoline imported from Singapore has increased sharply to 113 USD/barrel. This price is equivalent to July 14, when domestic gasoline prices remained at about 29,675 VND/liter.

Currently, global crude oil prices are still trending below 100 USD/barrel. Specifically, WTI oil and Brent oil are 90 and 96 USD/barrel, respectively, due to recession fears making oil demand less optimistic.

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But analysts say oil prices are likely to rise again because China has begun to increase oil demand after relaxing anti-COVID-19 restrictions. The aviation industry begins to grow, which will further increase oil demand.

In addition, the global oil market is still in a tight supply situation due to European Union sanctions on Russian crude oil and refined product supplies as winter approaches.

A newly released report from the Organization of the Petroleum Exporting Countries (OPEC) forecasting an oil market surplus has sparked speculation that the bloc may be preparing for production cuts.

OPEC also did not achieve production output as committed in July and it is likely that the situation will not be better in August.

The International Energy Agency (IEA) also said on August 11 that a hot summer and rising gas prices have boosted the use of oil in electricity generation, increasing demand. In the report, the IEA also raised the outlook for oil demand in 2022 by 380,000 barrels to 2.1 million barrels/day.

So the risk of oil prices rising sharply again may be very high due to these negative fluctuations, when gas demand here will be higher while oil production does not increase but shows signs of cutting.

World oil prices greatly affect domestic gasoline prices. Therefore, it is possible that in the upcoming adjustment period on August 22, gasoline prices will remain static if the operator spends the Petroleum Stabilization Fund and increase again if the operator does not spend the fund.

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Currently, the selling prices of domestic gasoline and oil apply according to the new price adjusted from 3:00 p.m. on August 11.

Accordingly, the price of E5 RON 92 gasoline is 23,720 VND (down 900 VND), RON 95-III gasoline is 24,660 VND (down 940 VND) per liter. Diesel oil is 22,900 VND per liter, after a decrease of 1,000 VND. Kerosene has a new price of 23,320 VND/liter, down 1,210 VND, while fuel oil maintains the same price compared to the previous period’s adjustment, priced at 16,540 VND/kg.

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