According to the gasoline price forecast model of the Vietnam Petroleum Institute (VPI), retail gasoline prices in the operating period on June 20 were basically stable, increasing slightly by less than VND 100/liter, bringing the price of E5 RON92 gasoline to VND 21,313/liter and the price of RON 95 gasoline to VND 22,298/liter.
Meanwhile, retail oil prices also tend to increase slightly, possibly up to VND20,363/liter (diesel), VND20,253/liter (kerosene) and VND17,120/kg (fuel oil).
In this operating period, VPI forecasts that the Ministry of Finance - Industry and Trade will continue not to set aside or use the gasoline price stabilization fund.
Gasoline prices are expected to increase slightly this afternoon.
Forecasting today's gasoline prices, Ms. Phung Thi Hong, Director of a Southern gasoline distribution company, also said that if the regulatory agency does not use the stabilization fund, domestic gasoline prices could increase by 180 - 220 VND/liter. Meanwhile, oil prices could increase by 120 - 150 VND/liter, kg depending on the type.
In case the Ministry of Finance and Industry and Trade spend the fund, gasoline prices are likely to increase less or remain the same.
Currently, domestic retail gasoline prices are being adjusted from June 13. Specifically, the price of E5 RON92 gasoline increased by VND169/liter, not higher than VND21,310/liter. The price of RON95 gasoline increased by VND258/liter, not higher than VND22,235/liter.
Diesel price increased by 218 VND/liter, not higher than 19,640 VND/liter. Kerosene price increased by 302 VND/liter, not higher than 19,859 VND/liter. Fuel oil price decreased by 396 VND/kg, not higher than 16,889 VND/kg.
Similar to the previous management period, the Ministry of Industry and Trade - Ministry of Finance continued not to set aside or use the gasoline price stabilization fund for all products.
On the world market, at 6:00 a.m. on June 20, Brent oil price was trading at 85.27 USD/barrel, down 0.8 USD compared to the previous session. Meanwhile, WTI oil price was at 81.47 USD/barrel, down 0.1 USD.
Oil prices fell slightly on concerns about escalating conflicts and an unexpected increase in US oil inventories. Accordingly, conflicts in the Middle East, geopolitical tensions between Israel and Hezbollah are escalating. This could cause crude oil supplies from key producers to be disrupted.
In addition, investors are also interested in the interest rate policy of the US Federal Reserve (Fed). If this agency cuts interest rates, it can reduce borrowing costs, thereby stimulating economic activity, increasing oil consumption, making oil prices more expensive.
However, oil prices have just experienced a strong week of increase after 3 consecutive weeks of decline. For the week, both benchmarks, Brent and WTI, increased by about 4%. This is the largest weekly increase since April.
This week, world oil prices continued to increase in the first sessions of the week and only decreased slightly in today's session.
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