Domestic gasoline prices are forecast to increase slightly tomorrow (February 6), while diesel prices are likely to continue to decrease.
Tomorrow (February 6, 2025) is the retail price management period. gasoline according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on petroleum trading.
On the world market at 6:00 a.m. on February 5, world oil prices remained mixed, in the context of a sharp increase in US gasoline and oil inventories. WTI oil prices increased by 0.05 USD, equivalent to 0.07%, to 72.75 USD/barrel. US Brent oil prices increased by 0.24 USD, equivalent to 0.32%, to 76.2 USD/barrel.
Oil prices edged higher on a sharp drop in distillate inventories. Distillate inventories posted their second-largest weekly decline in a row, falling 6.979 million barrels in the latest week. The previous week, distillate inventories fell 3.75 million barrels.
Meanwhile, according to data from the American Petroleum Institute (API), crude oil inventories in the United States increased by 5.025 million barrels in the week ending January 24. Analysts had predicted an increase of 3.17 million barrels.
According to API inventory data, US crude oil inventories fell by more than 12 million barrels in 2024, and this downward trend continued after the new year.
Based on the developments in world oil prices, some oil companies believe that domestic oil prices may be adjusted upward in the February 6 adjustment period. Specifically, if the regulatory agency does not affect the Oil Price Stabilization Fund, domestic oil prices may increase by about VND200-230/liter. Meanwhile, diesel prices may decrease by about VND30/liter.
In case the executive agency spends the Stabilization Fund, gasoline prices may increase less or remain the same.
In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that in the operating period on February 6, the retail price of E5 RON 92 gasoline was forecast to increase by VND 232 (1.1%) to VND 20,622/liter, while RON 95-III gasoline could increase by VND 202 (1%) to VND 21,202/liter.
VPI's model forecasts that retail oil prices will increase or decrease slightly this period, in which kerosene may increase by 0.8% to VND19,504/liter, fuel oil may decrease by 0.7% to VND17,379/kg, and diesel may decrease by 0.1% to VND19,225/liter. VPI forecasts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.
Previously, in the operating session on February 1, the Inter-ministerial Industry and Trade - Finance adjusted down. Specifically, the price of E5 RON92 gasoline decreased by 201 VND/liter, down to 20,391 VND/liter, RON95 gasoline decreased by 140 VND/liter, the retail price is 21,002 VND/liter.
Oil prices also fell sharply: diesel fell by VND948/liter, down to VND19,246/liter; kerosene fell by VND671/liter, down to VND19,439/liter; fuel oil fell by VND250/kg, down to VND17,502/kg.
During this operating period, the management agency continues not to set aside or use the price stabilization fund for all goods.
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