Domestic retail gasoline prices on June 12 are expected to increase from 200

Specifically, US WTI crude oil fell 1.46 USD/barrel to 70.18 USD/barrel, Brent oil price fell 1.42 USD to 74.89 USD/barrel.

Oil prices fell more than $1 per barrel, marking the second consecutive weekly decline. However, due to the aftermath of global oil prices in the previous days, it is likely that authorities will adjust domestic retail gasoline prices by VND200-300 per liter.

Domestic gasoline prices are adjusted up?

World oil prices have decreased, and it is forecasted that in tomorrow's adjustment period, domestic retail gasoline prices may be adjusted up by 200 - 300 VND/liter, or even higher.

According to regulations, the date for adjusting domestic gasoline retail prices is June 11, but because it falls on a weekend, the Ministry of Industry and Trade and the Ministry of Finance will adjust gasoline retail prices on Monday, June 12 instead of Sunday, June 11 as usual.

Sharing with VTC News , a number of key businesses and retailers said that although world oil prices have fluctuated downward for two consecutive weeks, it is likely that at the price adjustment session of the Ministry of Finance - Industry and Trade tomorrow, June 12, oil prices will be adjusted slightly up or remain unchanged.

Gasoline prices are expected to increase tomorrow (Photo: Pham Ngon).

Mr. Giang Chan Tay - Director of the Southern petroleum retail enterprise commented: "If the world petroleum price fluctuates and continues to increase tomorrow (June 12), it is forecasted that the domestic petroleum retail price may be adjusted up from 200 - 300 VND/liter. In addition, the adjustment of petroleum price this period also depends on the allocation of the Petroleum BOG Fund and other adjusted fees, if any" .

In the domestic market, the selling prices of gasoline and oil today are applied according to the price level at the afternoon session of June 1 of the Ministry of Finance - Industry and Trade. Accordingly, the price of E5 RON92 gasoline increased by 390 VND/liter, the new price is 20,878 VND/liter; RON95-III gasoline increased by 516 VND/liter, to 22,015 VND/liter.

Meanwhile, all oil products were adjusted down. Specifically, diesel 0.05S decreased by 11 VND/liter compared to the current retail price, not higher than 17,943 VND/liter; kerosene decreased by 198 VND/liter compared to the current retail price, not higher than 17,771 VND/liter; fuel oil 180CST 3.5S decreased by 275 VND/kg compared to the current retail price, not higher than 14,883 VND/kg.

Since the beginning of the year, gasoline prices have undergone 16 price adjustments, including 9 increases, 6 decreases, and 1 unchanged.

World oil prices are expected to increase

Oil prices on the morning of June 11 (Vietnam time) specifically: US WTI crude oil price decreased by 1.46 USD/barrel, down to 70.18 USD/barrel, Brent oil price decreased by 1.42 USD, down to 74.89 USD/barrel.

Oil prices fell more than $1 a barrel, posting a second straight weekly decline, as disappointing Chinese data added to doubts about demand growth following Saudi Arabia's decision to cut output over the weekend.

Both benchmarks lost more than $3 on Thursday after a media report that a nuclear deal between the United States and Iran was near and would lead to more supply. Prices eased after both countries denied the report, ending about $1 a barrel lower.

Will gasoline prices end their downward trend? (Illustration: Businesstoday).

“The Saudi cuts lifted prices a bit, and then the rumors of a possible return of Iranian barrels saw a big pullback. Long investors will likely stay on the sidelines until larger inventories are drawn down more clearly,” said UBS analyst Giovanni Staunovo.

Oil prices rose at the start of the week, supported by Saudi Arabia's pledge over the weekend to cut output by more than previously agreed upon with OPEC+, the Organization of the Petroleum Exporting Countries and its partners.

Both benchmarks fell more than $1 last week, marking their second consecutive weekly decline. Brent crude fell $1.34 to $74.79 a barrel, while WTI crude fell $1.57 to $70.17 a barrel.

The plunge in oil prices was due to weak Chinese economic data and rising US gasoline inventories.

According to the US Energy Information Administration (EIA), US gasoline reserves increased by 2.8 million barrels last week, while diesel reserves also increased by 5.1 million barrels. The unexpected increase in US fuel reserves has raised concerns about consumption in the world's leading oil-consuming country.

According to Reuters , the US Department of Energy said on June 9 that it had awarded contracts to five companies to deliver 3.1 million barrels of crude oil to the US Strategic Petroleum Reserve in August at an average price of $73 per barrel.

The ministry announced plans in May to buy oil as a step to replenish emergency reserves after a record 180 million barrel release last year in an effort to cool soaring oil prices.

During the week, oil prices also climbed after Saudi Arabia's decision to cut production by an additional 1 million barrels per day in July and OPEC+'s decision to extend the current production cut policy until the end of 2024.

Next week, in addition to the decision to purchase more oil for the US strategic oil reserve, the decision of the US Federal Reserve (FED) on whether to increase or keep interest rates unchanged will be a factor affecting oil prices. According to analysts, the Fed is likely to keep interest rates unchanged and this will support the acceleration of gasoline prices.

PHAM DUY

Useful
Emotion
Creative
Unique

Source: https://vtc.vn/gia-ban-le-xang-dau-trong-nuoc-ngay-12-6-du-bao-tang-tu-200-300-dong-lit-ar798907.html