Gasoline prices may decrease in the operating period tomorrow, August 22, 2024

Tomorrow (August 22) is the time to regulate retail gasoline prices 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 gasoline trading.

Domestic gasoline prices at tomorrow's adjustment session (August 22) are likely to reverse downwards following the world trend. Photo: Thanh Tuan

In the world market, oil prices last week were almost flat. Overall, last week, Brent oil prices increased by 0.02 USD/barrel, while WTI oil prices decreased by 0.19 USD/barrel.

Oil prices fell more than 3% in the first two trading sessions of the week, hitting a two-week low. Oil prices plunged as concerns about Middle East supplies eased after Israel accepted a proposal to resolve differences preventing a ceasefire in Gaza.

According to data from Oilprice, at 7:43 a.m. on August 21 (Vietnam time), Brent oil was trading at $77.16 per barrel, down 0.05% from the previous session. WTI oil was at $74.04 per barrel, down 0.44% from the previous session.

In the Singapore market, the average price of finished gasoline in the last period decreased slightly compared to the previous period.

Based on the developments in world oil prices, some oil businesses believe that domestic gasoline prices will likely decrease in the adjustment period tomorrow (August 22). Oil businesses predict that if the adjustment agency does not affect the Oil Price Stabilization Fund, domestic gasoline prices may decrease by VND500-580/liter. Diesel prices are expected to decrease by VND420-520/liter.

In case the Ministry of Industry and Trade and the Ministry of Finance draw from the Stabilization Fund, gasoline prices may decrease less. If the above forecast is correct, domestic gasoline products will reverse their decline after being adjusted slightly upward in the last week's management period (August 15).

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in the operating session tomorrow, August 22, gasoline prices are forecast to decrease slightly by 0.4-1.5% if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the Petroleum Price Stabilization Fund.

Specifically, the price of E5 RON 92 gasoline may decrease by VND254/liter to VND20,626/liter, while RON 95-III gasoline may decrease by VND333/liter to VND21,517/liter.

VPI's model predicts that retail oil prices will also trend downward this time, with fuel oil prices forecast to decrease by about 1.1% to VND16,061/kg, followed by diesel oil forecast to decrease by 0.8% to VND19,083/liter, and kerosene to decrease by 0.4% to VND19,501/liter.

VPI predicts 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.

In the gasoline price adjustment session on August 15, the prices of all types of gasoline were adjusted upward by the Ministry of Industry and Trade - Ministry of Finance after 5 consecutive decreases.

Specifically, the price of E5 gasoline increased by 170 VND/liter, the selling price is 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, the selling price is 21,850 VND/liter.

Similarly, diesel price was also adjusted up by 90 VND/liter, selling price at 19,230 VND/liter. Kerosene price increased by 160 VND/liter, selling price up to 19,570 VND/liter.

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Source: https://congthuong.vn/gia-xang-co-the-giam-trong-ky-dieu-hanh-ngay-mai-2282024-340468.html