Gasoline prices are forecast to reverse and increase by more than 700 VND/liter.

Gasoline prices are expected to increase tomorrow (April 24). Illustrative photo

According to VPI's data analysis expert, VPI's applied gasoline and oil price forecasting model predicts that the retail price of E5 RON 92 gasoline may increase by VND703 (3.8%) to VND19,193/liter, while RON 95-III gasoline may increase by VND724 (3.8%) to VND19,574/liter.

VPI's model also forecasts that retail oil prices this period will also follow an upward trend. Specifically, diesel may increase by 2.2% to VND17,405/liter, kerosene may increase by 2.3% to VND17,575/liter, and fuel oil may increase by 2.8% to VND16,407/kg, if the Gasoline and Oil Price Stabilization Fund is not set aside or spent.

In the world market, according to the Vietnam Commodity Exchange (MXV), oil prices are recovering strongly. Except for natural gas, all four remaining commodities in the group recorded significant increases after the US-Iran relationship showed signs of tension again.

At the end of the trading session on April 22, Brent oil price increased by 1.78%, reaching 67.44 USD/barrel. Meanwhile, WTI oil price for May contract also recorded an increase of 1.95%, reaching 64.31 USD/barrel, in the last trading session before this contract expired.

Also yesterday, the American Petroleum Institute (API) announced its estimate of crude oil inventories in the US. Accordingly, the reserve level decreased by about 4.56 million barrels in the working week ending April 18, in contrast to the estimate of an increase of about 2.4 million barrels in the previous week.

Tonight Vietnam time, the US Energy Information Administration (EIA) will release data on US crude oil reserves, with market predictions leaning towards a decrease of about 800,000 barrels last week.

The above information, along with the OPEC+ group's plan to cut excess production, has raised the prospect of a global supply shortage, strengthening the oil price recovery momentum. However, the increase is also being restrained by the unstable macroeconomic situation. The market is waiting for the announcement of the US market PMI index group tonight to have the latest assessment of the world's largest economy.

Source: https://hanoimoi.vn/du-bao-gia-xang-co-the-dao-chieu-tang-hon-700-dong-lit-700041.html