The average petrol price in the Singaporean market as updated on March showed a sharp increase compared with the price calculation cycle commencing on February 25.

RON 92 petrol, which is used to make E5 RON 92, has the average price of $71.21 per barrel, an increase of 5 percent over the last period. RON 95 average price is $72.81 per barrel, up by 5 percent.

The average prices of oil products are also on the rise. Kerosene price reached $71.02 per barrel.

In the world market, the crude oil price continues increasing thanks to optimistic forecasts about the recovery of the world economy and the drop in US petrol inventory.

At 7:25am on March 11 Vietnam time, at the New York Mercantile Exchange, the WTI light sweet crude oil was $64.72 per barrel, an increase of 0.43 percent. Brent sea crude oil with delivery in May stayed at $68.17 per barrel, up by $0.27 per barrel.

As such, the price increased by $0.86 per barrel compared with the same period of March 10.

The price hike in the world market will affect the domestic prices. It is expected that domestic prices will be raised on March 12.

The managers of some petroleum distribution companies predict that without the stabilization fund, the E5 RON 92 price may increase by VND580 per liter, while RON 95 will go up by nearly VND700 per liter.

Meanwhile, the price increases of VND300 and VND270 per liter have been predicted for diesel and kerosene, respectively. Mazut price is expected to increase by VND350 per kilogram.

If state management agencies decide to use the price stabilization fund to stabilize the market, the price increases will be milder.

If things go as predicted, this will be the fourth petrol price increase so far this year.

Since the beginning of 2021, the petrol and oil prices have undergone four adjustments with the prices increasing three times and unchanged once.

In the latest adjustment spell, ministries decided to raise petrol prices.

E5 price increased by VND722 per liter and the retail price not higher than VND17,031 per liter, RON 95 by VND814 per liter (VND18,084), and diesel by VND801 per liter (VND13,843).

The ministries have recently used the petrol price stabilization fund to support production and business activities of enterprises and individuals, trying to restrict the price increases.

In the period from January 11 to February 25, the fund spent VND1,034-4,179 for every liter/kilogram of petrol/oil sold. 

Anh Tuan

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