However, in the previous days, the global crude oil price plummeted. The average price of finished gasoline on the Singaporean market, updated to July 18, continued to decline compared to the previous period.
Specifically, RON92 gasoline price was $112.72 a barrel, and RON95 was at $117.4 a barrel. According to fuel importers, the average price of finished gasoline in Singapore was about VND2,500-VND3,000 per liter lower than the domestic retail gasoline price, and diesel and kerosene were about VND1,000-VND1,500 per liter lower. Therefore, at the fuel price adjustment on July 21, if the ministries of Industry and Trade and Finance do not set up a fuel price stabilization fund, gasoline prices may decrease by about VND2,500-VND3,000 per liter, correspondingly, and diesel will continue to drop by about VND1,500 per liter.
If the forecast is true, domestic gasoline prices will record the third consecutive decrease, bringing the price of gasoline E5 RON92 and RON95 to VND25,000-VND26,500 per liter. However, experts predict that the ministries of Industry and Trade and Finance will continue to set up the fuel price stabilization fund to have room to manage gasoline prices in the coming periods because the fund is currently a negative number.