Monday,  Jul 6, 2020,06:54 (GMT+7) 0 0
Gasoline price forecast to surge tomorrow
The Saigon Times
Friday,  Jun 26, 2020,18:23 (GMT+7)

Gasoline price forecast to surge tomorrow

The Saigon Times

Motorists get their vehicles refilled at a local gas station. Retail prices of gasoline products in the local market were expected to rise by VND700-1,000 per liter tomorrow, June 27 – PHOTO: VNA

HCMC – The retail prices of gasoline products in the local market are expected to rise by VND700-1,000 per liter tomorrow, June 27, as an impact of the global fuel price hike.

According to data from the Ministry of Industry and Trade, the prices of RON92 and RON95 gasoline traded in Singapore’s market as of June 24 inched up 14% and 12% versus the last 15-day period to US$45.18 and US$47.7 per barrel, respectively.

As a result, local fuel wholesalers forecast that the prices of fuel products in Vietnam will also be revised upward.

Head of a Hanoi-based fuel firm said that the global gasoline price has recently been volatile and soars to US$48 per barrel on certain days.

Accordingly, local fuel prices could increase VND700-VND1,000 per liter if the fuel price stabilization fund is untapped. If the fund is used, a rise by VND400-VND600 per liter is expected.

Similarly, a director of a fuel company in HCMC said it could be hard for fuel price regulators to keep local fuel prices unchanged amid the global rise. However, the regulators could deploy the fuel price stabilization fund to prevent petrol prices from surging sharply.

During the previous price adjustment on June 12, gasoline prices edged up between VND960 and VND990 per liter, while the prices of oil products also went up VND775-VND860 per liter or kilogram, marking three consecutive hikes in fuel prices since April.

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