Business

Petrol prices slightly slide after nine straight increases

SGGP
After advancing for nine consecutive times, the prices of petrol products slightly decreased domestically as of 4.30 p.m. on April 12. This adjustment is about one hour later than the previous one.
According to the ministries of Industry and Trade and Finance, negative developments of the Covid-19 pandemic continued to affect the demand for petroleum products; traffic congestion in the Suez Canal has been solved; the OPEC+ agreed to gradually increase oil production in the coming months.

Meanwhile, global economic growth is also forecasted to be more optimistic, leading to an expectation about increasing demand for petrol products, having affected the global oil prices in the past time.

The global gasoline prices in the past 15 days were mixed, but the general trend was a slight decrease.

Domestically, the pandemic continues to be controlled well. The activities of production, business, and daily life of the people continue to gradually recover but still encounter many difficulties.

In recent adjustments, to support the production and business activities of enterprises and the daily life of people, and limit the increasing level in fuel prices, the ministries of Industry and Trade and Finance had used the Fuel Price Stabilization Fund at a fairly high level. From March 27 to April 12, the fund spending ranged from VND500 to VND1,900 per liter or kilogram for petroleum products.

From the beginning of the year to now, the Fuel Price Stabilization Fund has continuously been tapped with an appropriation from VND200 to VND2,000 per liter or kilogram on petroleum products.

In this adjustment, if not using the fund, the retail prices for petroleum products will surge by about VND123-VND1,755 per liter or kilogram.

To limit the increase in the retail fuel prices, contributing to stabilizing prices of goods in the market, supporting the life, production, and business activities of people and enterprises that remain difficult due to the impacts of the Covid-19 pandemic, the ministries decided not to set up the fuel price stabilization fund for all petroleum products and continue to spend the Fuel Price Stabilization Fund at high levels for all kinds of petroleum products.

This adjustment of gasoline prices continues to contribute to ensuring the implementation of the target to control inflation and stabilize the market from the beginning of this year, supporting people and businesses, and maintain the price difference between bio-fuel E5 RON92 and fossil gasoline RON95 at a reasonable level to encourage the use of biofuel to protect the environment following the policy of the Government.

Accordingly, from 4.30 p.m. on April 12, the retail prices of petrol and oil are adjusted as follows:

E5 RON92 gasoline is not higher than VND17,806 per liter, down VND45 per liter. If not using VND1,800 per liter from the fund, the price would jump VND1,755 per liter to VND19,606 per liter.

RON95 gasoline is not higher than VND18,970 per liter, down VND76 per liter. If not using VND950 per liter from the fund, the price would climb VND874 per liter to VND19,920 per liter.

Diesel oil 0.05S is not higher than VND14,141 per liter, down VND102 per liter. If not using VND250 per liter from the fund, the price would edge up VND148 per liter to VND14,391 per liter.

Kerosene is not higher than VND12,827 per liter, down VND177 per liter. If not using VND300 per liter from the fund, the price would go up VND123 per liter to VND13,127 per liter.

Fuel oil 180CST 3.5S is not higher than VND13,687 per kilogram, down VND70 per kilogram. If not using VND500 per kilogram from the fund, the price would rise VND430 per kilogram to VND14,187 per kilogram.

By Van Phuc – Translated by Gia Bao

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