According to the fuel price forecasting model of the Vietnam Petroleum Institute (VPI), retail gasoline prices in the price adjustment period on June 20th remained basically stable, increasing insignificantly by less than 100 VND/liter, bringing the price of E5 RON92 gasoline to 21,313 VND/liter and the price of RON 95 gasoline to 22,298 VND/liter.
Meanwhile, retail oil prices also followed a slight upward trend, potentially reaching 20,363 VND/liter (diesel), 20,253 VND/liter (kerosene), and 17,120 VND/kg (mazut).
In this price adjustment period, VPI forecasts that the inter- ministerial committee of Finance and Industry and Trade will continue not to allocate or utilize the fuel price stabilization fund.
Gasoline and diesel prices are forecast to rise slightly this afternoon.
Regarding today's fuel price predictions, Ms. Phung Thi Hong, Director of a Southern fuel distribution company, also stated that if the regulatory agency does not use the price stabilization fund, domestic gasoline prices could increase by 180-220 VND/liter. Diesel prices could increase by 120-150 VND/liter or kilogram, depending on the type.
If the Ministry of Finance and the Ministry of Industry and Trade allocate funds from the central bank, gasoline prices are likely to increase less or remain unchanged.
Currently, retail gasoline prices in Vietnam are being applied according to the price adjustments from June 13th. Specifically, the price of E5 RON92 gasoline increased by 169 VND/liter, not exceeding 21,310 VND/liter. The price of RON95 gasoline increased by 258 VND/liter, not exceeding 22,235 VND/liter.
Diesel fuel prices increased by 218 VND/liter, not exceeding 19,640 VND/liter. Kerosene prices increased by 302 VND/liter, not exceeding 19,859 VND/liter. Mazut fuel prices, however, decreased by 396 VND/kg, not exceeding 16,889 VND/kg.
Similar to the previous price adjustment period, the Ministry of Industry and Trade and the Ministry of Finance continue to neither allocate funds nor utilize the fuel price stabilization fund for all products.
On the world market, at 6:00 AM on June 20th, Brent crude oil was trading at $85.27 per barrel, down $0.80 from the previous session. WTI crude oil was trading at $81.47 per barrel, down $0.10.
Oil prices edged lower due to concerns about escalating conflict and a surprise increase in US oil inventories. Specifically, escalating conflicts in the Middle East and geopolitical tensions between Israel and Hezbollah could disrupt crude oil supplies from key producers.
In addition, investors are also interested in the interest rate policy of the US Federal Reserve (Fed). Because if the agency cuts interest rates, it can lower borrowing costs, thereby stimulating economic activity, increasing oil consumption, and making oil prices more expensive.
However, oil prices just experienced a sharp increase this past week after three consecutive weeks of declines. Overall for the week, both benchmark crude oil, Brent and WTI, rose by approximately 4%. This is the largest weekly increase since April.
This week, world oil prices continued their upward trend in the early sessions and only declined slightly today.
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