Petrol prices record slight decrease
VOV.VN - Petrol prices are likely to see a mild drop in the latest adjustment on February 11, according to a representative of a leading petroleum trading enterprise.
The representative stated that global oil prices have recently fluctuated erratically, with a decline in prices emerging as the dominant trend.
Moving forward, it is forecast that if the world’s oil prices continue with the current trend, then the retail prices of gasoline in the country will be duly adjusted down. However, this reduction is not expected to amount to much and will largely depend on the operation of the petrol price stabilisation fund.
As predicted, the retail price of petrol will fall by VND200 to VND400, while oil prices will go down by VND1,000 per litre.
According to Oilprice’s statistics, the price of Brent oil on the morning of February 11 stood at US$86.28 per barrel, up US$1.78, equivalent to 2.11% compared to the previous trading session. Meanwhile, the WTI price soared to US$79.64 per barrel, up US$1.58, equivalent to 2.02% compared to the previous trading session.
Singaporean fuel prices updated by the Ministry of Industry and Trade (MoIT) as of February 8 showed that the petrol price was US$98.6 to US$101.4 per barrel, with diesel being traded at around US$106.5 per barrel. The prices are almost equivalent to the average price of petroleum products internationally during the January 11 to January 30 period.
In the latest adjustment made on January 30, the MoIT and the Ministry of Finance moved to revise up petrol prices.
Accordingly, the retail price of RON 95 went up by VND990 per litre to VND23,140, equal to US$0.91.
Elsewhere, the price of E5 RON 92 rose by VND970 per litre to VND22,320, while diesel prices increased by VND890 per litre to reach VND22,520.