Petrol prices may fall sharply for the fifth time
VNExpress, 10 Aug '22
According to key businesses, petrol prices may decrease by VND 1,200-1,600 per litre (US$0.051 -0.068) on August 11th based on world price movements.
Data from the Ministry of Industry and Trade shows that the average petrol price on the Singapore market as of August 8th dropped sharply, with RON 92 around VND 105 a barrel, RON 95 at VND 109, and oil prices below VND 120 a barrel.
The leader of a petroleum wholesaler in Ho Chi Minh City said that last week, petrol prices continued to go down. At one point, imported petrol dropped to VND 100 per barrel, the lowest in the past 7 months, so this period the price will drop sharply.
"At the operating period of August 11th, if the Fund is not used, petrol can be reduced by VND 1,200-1,600 per litre, while the price of oil will decrease by VND 1,800-2,200 per litre," he said.
Sharing the same opinion, the leader of a petroleum wholesaler in Hanoi said that this is the 5th consecutive decrease to help the petrol price close to the mark of VND 23,000 per litre. The price of oil is below VND 22,000 per litre.
"In case the operator uses or deducts from the Stabilisation Fund, the price of petrol and oil will decrease by about VND 600-1,200 per litre," forecasted a leader of Hanoi petrol and oil hub.
At the 1/8 operating period, each litre of RON 95 petrol decreased to VND 25,600 (down VND 470); E5 RON 92 has a new price of VND 24,620 (down VND 450). This is the fourth consecutive discount from the end of June until now, bringing the price of this item to the same price as in February.
With diesel at the price of 23,900 dong, kerosene also dropped to VND 24,530 per litre... Compared to the end of June, RON 95-III was about VND 7,270 cheaper per litre; E5 RON 92 lowers VND 6,680; diesel oil decreased by VND 6,110. Although petrol fell sharply, commodity prices only slightly inched up for a few groups, most of them remained stationary.
Recently, the government agreed to halve the preferential import tax rate (MFN) for petrol, to 10% from August 8. According to key businesses, reducing the MFN tax by 10% on motor petrol and unleaded petrol does not help much to reduce petrol prices, because the proportion of imports from these taxing countries currently accounts for a negligible amount in the total amount of petrol . nationwide consumption. However, this move works to help the market diversify supply, avoiding too much dependence on one country.