This afternoon, gasoline prices may decrease by more than 500 VND/liter.

That is the forecast of many experts about domestic gasoline retail prices in the price adjustment period this afternoon, August 22.

Accordingly, representatives of many businesses predict that if the Ministry of Finance and Industry and Trade does not spend or withdraw from the price stabilization fund, gasoline prices could decrease by 500 - 550 VND/liter.

This development is said to be consistent with the trend of world oil prices. Specifically, since the beginning of the week, world oil prices have decreased by more than 3% in two trading sessions, reaching a two-week low. Meanwhile, in the Singapore market, the average price of finished gasoline in the last period also decreased slightly compared to the previous period.

Gasoline prices are expected to decrease slightly this afternoon. (Illustration: Minh Duc).

Meanwhile, the Vietnam Petroleum Institute (VPI)'s gasoline price forecast model also forecasts that in the operating session this afternoon, August 22, gasoline prices will decrease slightly by 0.4 - 1.5%. Specifically, if the Ministry of Finance and Industry and Trade do not set aside or use the gasoline price stabilization fund, the price of E5 RON92 gasoline may decrease by 254 VND, to 20,626 VND/liter, while RON95 gasoline may decrease by 333 VND, to 21,517 VND/liter.

Retail oil prices this period are also forecast to decrease, of which fuel oil will decrease by about 1.1% to 16,061 VND/kg, diesel oil will decrease by 0.8% to 19,083 VND/liter, and kerosene will decrease by 0.4% to 19,501 VND/liter.

VPI also forecasts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or spend the petrol price stabilization fund in this management period.

In the most recent adjustment period on August 15, gasoline prices increased after decreasing for 5 consecutive periods before. Specifically, E5 RON92 gasoline increased by 167 VND/liter, not higher than 20,882 VND/liter. RON95 gasoline prices increased by 179 VND/liter, not higher than 21,852 VND/liter.

Prices of various types of oil also increased: diesel increased by 89 VND/liter, not higher than 19,230 VND/liter. Kerosene increased by 161 VND/liter, not higher than 19,572 VND/liter and fuel oil increased by 217 VND/kg, not higher than 16,245 VND/kg.

On the world market, at 6:00 a.m. on August 22, Brent oil price was trading at 76.05 USD/barrel, down 1.15 USD compared to the previous session. Meanwhile, WTI oil price was at 71.93 USD/barrel, down 1.24 USD/ounce.

Oil prices fell after data showed that U.S. employers created far fewer jobs than initially reported. The Labor Department estimated that total payroll employment fell by 818,000 between April 2023 and March 2024. The jobs data contributed to the confidence crisis, said Tim Snyder, chief economist at Matador Economics.

In addition, the US Energy Information Administration (EIA) also said that in the week ending August 16, US crude oil, gasoline and distillate inventories all decreased. Crude oil inventories decreased by 4.6 million barrels to 426 million barrels, a larger decrease than analysts' expectations of a decrease of 2.7 million barrels.

Gasoline and distillate inventories fell by 1.6 million barrels and 3.3 million barrels, respectively. Meanwhile, China's economic woes continue to raise concerns about falling demand.

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