| Gasoline price today, March 21, 2024: Gasoline increased from 729-741 VND/liter; Diesel increased by 465 VND/liter Gasoline price today, March 27, 2024: World oil prices turned down slightly after only 1 day of strong increase |
Tomorrow (March 28) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83 of the Government on gasoline trading.
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| Domestic gasoline prices at tomorrow's adjustment period (March 28) are forecast to increase slightly. Oil prices are forecast to decrease slightly. |
On the world market, on the morning of March 27, Brent oil price was trading at 85.92 USD/barrel, down 0.83 USD compared to the previous session. Meanwhile, WTI oil price was at 81.29 USD/barrel, down 0.33 USD.
Oil prices fell as the Russian government ordered companies to cut production in the second quarter to meet a target of 9 million barrels per day to comply with OPEC+ commitments.
Important February figures such as the personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, will be released on March 29, Reuters reported.
Oil prices moved in opposite directions last week. For the week as a whole, Brent crude oil prices increased by 0.09 USD/barrel while WTI crude oil prices decreased by 0.41 USD/barrel. This week, world oil prices were in a tug-of-war, after increasing, they turned around and decreased slightly.
In the Singapore market, in the recent period, the average price of finished gasoline in this market increased compared to the previous period, a relatively large increase.
Based on the developments in world oil prices, leaders of some oil trading enterprises commented that domestic oil prices in the management period tomorrow (March 28) may increase while oil prices may decrease. If the management agency does not spend the Oil Price Stabilization Fund, domestic oil prices may increase by 480-600 VND/liter. Meanwhile, diesel prices may decrease by 270 VND/liter.
In another development, according to the gasoline price forecasting model using the Artificial Neural Network (ANN) model and supervised learning algorithm of the Vietnam Petroleum Institute (VPI), the retail gasoline price in the operating period on March 28 may increase by 548 - 639 VND, bringing the gasoline price to 23,758 VND/liter (E5 RON 92) and 24,919 VND/liter (RON 95-III). Meanwhile, the price of fuel oil has changed unexpectedly because the increase and decrease trend of this product is not clear.
In the most recent gasoline price adjustment period (March 21), retail prices of gasoline products were adjusted in the direction of a sharp increase in gasoline prices.
Specifically, the price of E5 gasoline increased by 720 VND/liter, the selling price is 23,210 VND/liter. The price of RON95 gasoline increased by 740 VND/liter, the selling price is 24,280 VND/liter.
Diesel price increased by 470 VND/liter, retail price is 21,010 VND/liter. Kerosene price increased by 560 VND/liter, price is 21,260 VND/liter.
In this management period, the Ministry of Finance and the Ministry of Industry and Trade did not set aside and did not spend the Price Stabilization Fund for most types of gasoline and oil, except for the 300 VND/liter provision for fuel oil.
Since the beginning of the year, gasoline prices have increased 7 times and decreased 5 times.
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