According to many predictions, the reduction in gasoline prices could be 100 - 200 VND/liter, and in oil prices around 300 - 400 VND/liter, kg. In case the regulatory agency uses the stabilization fund, gasoline prices could decrease less or remain the same.
Gasoline prices this afternoon, October 24, are expected to be adjusted down slightly. (Illustration photo).
According to the Vietnam Petroleum Institute (VPI)'s gasoline price forecast model, gasoline prices today may decrease by 1.2 - 3.1%. Specifically, gasoline prices decreased by 1.2%, bringing the price of E5 RON92 gasoline to VND19,500/liter, and RON95 gasoline to VND20,714/liter.
Oil prices may decrease slightly by 1.8 - 3.1%, of which diesel oil may decrease the most by about 3.1%, equivalent to 562 VND to 17,758 VND/liter. Fuel oil may decrease by 2% to 15,776 VND/kg, and kerosene may decrease by 1.8% to 18,286 VND/liter.
VPI also forecasts that the Ministry of Finance and Industry and Trade will continue not to set aside or use the gasoline price stabilization fund this period.
In the recent adjustment period on October 17, the price of E5 RON92 gasoline decreased by 116 VND/liter, not higher than 19,730 VND/liter. The price of RON95 gasoline decreased by 99 VND/liter, not higher than 20,962 VND/liter.
Diesel price decreased by 179 VND/liter, to 18,321 VND/liter. Kerosene price decreased by 163 VND/liter, not higher than 18,627 VND/liter. Only fuel oil price increased by 179 VND/kg, to 16,090 VND/kg.
Since the adjustment period on January 4, gasoline prices have increased 20 times and decreased 21 times, while oil prices have increased 18 times and decreased 23 times.
On the world market, at 6:00 a.m. on October 24, Brent oil price was at 74.96 USD/barrel, down 1.08 USD/barrel compared to yesterday. WTI oil price was listed at 71.13 USD/barrel, up 0.36 USD/barrel.
Oil prices fluctuated due to a larger-than-expected increase in US oil inventories. Oil prices were also affected by tensions in the Middle East.
Meanwhile, Reuters reported that Beijing's recent efforts to revive its slowing economy have led some analysts to raise expectations for oil demand in China, the world's largest crude importer. Weak demand from China has repeatedly pushed oil prices down in recent months.
StoneX analyst Alex Hodes also said that any improvement in economic growth in China would boost fuel consumption, but it could take some time for the stimulus efforts to have an impact on oil demand.
China set a crude oil import quota for 2025 of 257 million tons (5.14 million barrels per day) on October 22, up from 243 million tons this year. Meanwhile, data from the American Petroleum Institute showed that US crude inventories rose by 1.64 million barrels in the week ended October 18, compared with analysts' forecasts for a 700,000-barrel increase. US gasoline and distillate inventories fell by 2.019 million barrels and 1.478 million barrels, respectively.
Source: https://vtcnews.vn/chieu-nay-gia-xang-dau-trong-nuoc-co-the-tiep-tuc-giam-ar903503.html
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