Gasoline prices may drop 350

Responding to VTC News on the afternoon of May 31, Dr. Giang Chan Tay, Director of Boi Ngoc Company Limited ( Tra Vinh ), a petroleum retail enterprise, predicted that tomorrow's gasoline price may be adjusted down by 400 VND/liter, and DO oil down by 350 VND/liter. This assessment is contrary to the prediction of some enterprises that the retail price of gasoline will increase by about 500-900 VND/liter in the operating period tomorrow, June 1.

According to Dr. Giang Chan Tay, Brent crude oil price fell to 73.41 USD/barrel, down 0.13 USD, equivalent to 0.18% compared to the previous session. Meanwhile, WTI oil price was at 69.22 USD/barrel, down 0.24 USD, equivalent to 0.35% compared to the previous session.

This is the second consecutive day that oil prices have fallen. The world crude oil price has fallen, and according to market rules, regulatory agencies will adjust domestic prices accordingly.

Dr. Giang Chan Tay, Director of Boi Ngoc Company Limited (Tra Vinh) predicts that gasoline prices will be adjusted down tomorrow, June 1 (Photo: Petrotimes.vn).

Oil prices plunged as investors worried about the possibility of a US debt ceiling deal hitting snags and the US Federal Reserve (Fed) possibly raising interest rates soon.

“This will lead to a reduction in domestic oil prices. If the management agency does not affect the Petroleum Price Stabilization Fund, the price of E5 RON 92 gasoline may decrease by 200-350 VND/liter, and the price of RON 95 may decrease by 300-400 VND/liter. Oil prices may decrease by 200-30 VND/liter. In the case of the Ministry of Industry and Trade and the Ministry of Finance spending from the Petroleum Price Stabilization Fund, gasoline and oil prices may decrease less," said Dr. Giang Chan Tay.

In the world market, gasoline prices increased slightly last week but this week they have tended to decrease.

According to data from Oilprice, at 12:00 today (May 31, Vietnam time), Brent crude oil price fell to 73.41 USD/barrel, down 0.13 USD, equivalent to 0.18% compared to the previous session. Meanwhile, WTI oil price was at 69.22 USD/barrel, down 0.24 USD, equivalent to 0.35% compared to the previous session.

Dr. Giang Chan Tay predicts that gasoline prices may be adjusted down tomorrow afternoon, June 1 (Illustration photo).

Yesterday (May 30), world oil prices increased slightly at the beginning of the session but decreased sharply at the end of the session.

Data from Oilprice shows that at 10:19 a.m. on May 30 (Vietnam time), Brent crude oil was trading at $77.1 per barrel. WTI crude oil was at $72.77 per barrel. However, oil prices later fell sharply. At 8:42 p.m. on May 30 (Vietnam time), Brent crude oil was at $74.48 per barrel, down $2.59, or 3.36%, from the previous session. WTI crude oil was at $70.34 per barrel, down $2.33, or 3.21%, from the previous session.

Investors are also cautious ahead of the policy meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on June 4, especially after Saudi Arabia and Russia made conflicting statements about the possibility of changing the group's supply policy.

Uncertainty over whether producers will step up production cuts amid recent oil price declines has also weighed on the market.

In addition, concerns about the possibility of the Fed continuing to raise interest rates at its meeting on June 13-14 also caused oil prices to fall.

At its policy meeting in early May, the Fed signaled it was ready to pause its rate-hike cycle. But faster-than-expected inflation in April reinforced the case that the Fed would extend the rate hike into June.

Experts predict that the Fed's next interest rate hikes could limit energy demand in the near term. Higher US interest rates will be a hindrance to crude oil demand.

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Source: https://vtc.vn/gia-xang-dau-co-the-giam-350-400-dong-lit-vao-ngay-mai-ar786600.html