Gasoline prices are expected to continue to decrease for the third consecutive time in the operating period tomorrow, October 31, 2024

Gasoline prices at the operating period tomorrow, October 31, 2024, are forecast to decrease following world trends.

Tomorrow (October 31) is the retail price management period. gasoline 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 petroleum trading.

Gasoline prices at the operating period tomorrow, October 31, 2024, are forecast to decrease following the world trend. Photo: VNA

At 6:00 a.m. on October 30, Brent oil price was at 71.12 USD/barrel, down 0.3 USD/barrel compared to yesterday. WTI oil price was listed at 67.48 USD/barrel, down 0.27 USD/barrel.

Meanwhile, in the Singapore market, on October 29, the price of imported RON95 gasoline was at 82.16 USD/barrel, down more than 2 USD/barrel compared to last week; RON92 gasoline was at 76.43 USD/barrel, down nearly 3 USD/barrel.

In the global market, the decrease in oil demand from China - the world's largest crude oil importer - has affected global oil consumption and prices. According to data from Trading Economics, at 10:00 p.m. on October 29, WTI oil price was trading at 67.57 USD/barrel, down 5.89% compared to last week; similarly, Brent oil was also at 71.6 USD/barrel, down 5.84%.

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the October 31 adjustment period may be adjusted downward.

If the regulatory agency does not influence the Petroleum Price Stabilization Fund, domestic gasoline prices may decrease by 330-480 VND/liter. Diesel prices may decrease by about 100-160 VND/liter. If the regulatory agency draws from the Petroleum Price Stabilization Fund, gasoline prices may decrease less or remain the same.

If the above forecast is correct, domestic gasoline prices will have their third consecutive decrease.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that in the operating period on October 31, the retail price of E5 RON 92 gasoline is forecast to decrease by VND 190 (1%) to VND 19,500/liter, while RON 95-III gasoline may decrease by VND 368 (1.8%) to VND 20,522/liter.

VPI's model also forecasts that retail oil prices will increase from 174 to 458 VND this period. Diesel will increase by 1% to 18,224 VND/liter, kerosene will increase by 2.5% to 19,028 VND/liter, and fuel oil is forecast to increase by 2.4% to 16,610 VND/kg. VPI forecasts that the Ministry of Finance and Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

In the most recent management period (October 24), the prices of all types of gasoline and oil were jointly regulated by the ministries. Industry and Trade - Finance Adjust down.

Specifically, the price of E5 gasoline was adjusted down by 40 VND/liter, selling price is 19,690 VND/liter. The price of RON 95 gasoline decreased by 70 VND/liter, selling price is 20,890 VND/liter.

Meanwhile, diesel price was adjusted down by 270 VND/liter, selling price is 18,050 VND/liter. Kerosene price decreased by 50 VND/liter, price is 18,570 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 fuel oil.

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