This morning (May 4), world oil prices have dropped sharply. More specifically, the price of Brent oil was 61.4 USD/barrel, down 1.3 %, the price of oil WTI was 58.38 USD/barrel, down 1.6 %. During the week, Brent oil prices fell by more than 8 %, while WTI oil prices dropped by around 7.7 %.
Oil prices fell while traders remained cautious before a meeting of the organization of oil exporting countries and its allies (OPEC+) to decide on the group’s production policy in June.
According to forecasts, OPEC+ countries will significantly increase their offer, but in the context of concerns about a global economic recession due to the trade war between the United States and China, analysts say. Petrol price Maintain the downward dynamics, anchor the lowest up to new information concerning supply and demand.
Update Petrol price The last price of the Singapore market shows that petrol 92 is negotiated at 73.7 USD/barrel, petrol 95 is 75 USD/barrel, down approximately 2 USD compared to 10 days ago.
According to companies, due to the drop in world oil prices on May 5, the price of Ron 95 petrol and the E5 Ron 92 could drop slightly from 40 to 100 VND/liter, and oil prices could drop from 140 to 320 VND/liter. If the regulation body uses the oil price stabilization fund, the adjustment level may change.
Previously, gasoline prices increased on April 24. Currently, the ROD95 retail price is negotiated at 19,638 VND/liter; E5 RON 92 to 19 238 VND/LITER. The price of diesel is 17,524 VND/liter; The price of kerosene is 17,715 VND/liter and that of Fioul of 16,524 VND/kg.
Concerning the prices of gasoline, Ministry of Industry and Trade has just announced the 6th draft decree on petroleum activities, which includes many major changes. Consequently, the principle of adjustment of petrol prices has been completely adjusted by the Ministry of Industry and Trade according to the market and the State intervenes in accordance with the prices law to stabilize the market only when a competent authority declares the state of emergency, the incident, the disaster, the natural disaster, the epidemic and that the level of the market of the petrol products fluctuates abnormally.
The sale price of gasoline is calculated according to the formula: cost of production sources + company costs + profit + value added tax. In which the cost of supply, including: the cost of supply to imported sources, the cost of supply to national sources, is determined by the merchant according to commercial reality, instead of the Ministry of Industry and Trade applies the price frame as in previous projects.
Likewise, operating costs correspond to the real costs of circulation of gasoline on a national scale, including large costs and detail costs at the actual temperatures of wholesalers and petrol distributors.
The profit will be determined by the main merchant and distributor of oil according to real activities. The value added tax will be implemented in accordance with tax laws.
Wholesalers and distributors will calculate and publish wholesale prices themselves. petrol retail price Inside and outside its system, then inform the Ministry of Industry and Commerce, the Provincial People’s Committee, the Department of Industry and Commerce and the Department of Market Management where the merchant has a distribution system.
Source : https://baoquangninh.vn/giam-gia-xang-dau-sau-ky-nghi-le-3356393.html
