Domestic gasoline prices at tomorrow's adjustment session (November 21) are forecast to continue to decrease slightly following the world price trend.
Tomorrow (November 21) is the time to regulate retail gasoline prices 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 gasoline trading.
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| Domestic gasoline prices at tomorrow's adjustment session (November 21) are forecast to continue to decrease slightly following the world price trend. Photo: TH |
According to data from Oilprice, at 8:15 a.m. on November 20 (Vietnam time), Brent oil price was at 73.37 USD/barrel, up 0.08%; WTI oil price was at 69.53 USD/barrel, up 0.2% compared to the previous session.
Oil prices continued to rise as tensions over the Russia-Ukraine conflict escalated late last week. Saul Kavonic, energy analyst at MST Marquee, said that so far, Russian oil exports have had little impact, but oil prices could rise further if Ukraine targets more oil infrastructure.
Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the adjustment period on November 21 may be adjusted down.
Accordingly, if the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices may decrease by VND200-250/liter. Similarly, diesel prices may decrease by about VND290/liter. In case the regulatory agency draws from the Petroleum Price Stabilization Fund, gasoline prices may decrease less or remain the same.
In another development, the gasoline price forecasting model applying Machine Learning of the Vietnam Petroleum Institute (VPI) said that, in the operating session on November 21, the gasoline price forecasting using the Artificial Neural Network (ANN) model and the supervised learning algorithm in Machine Learning of VPI predicted that the retail price of E5 RON 92 gasoline could decrease by 255 VND (1.3%) to 19,195 VND/liter, while RON 95-III gasoline could decrease by 201 VND (1%) to 20,399 VND/liter.
VPI's model also forecasts that this period, diesel prices may decrease by 1.6% to VND18,277/liter, kerosene prices are forecast to decrease by 0.9% to VND18,804/liter, and fuel oil may only decrease slightly by 0.3% to VND15,948/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 adjustment period on November 14, the prices of all types of gasoline and oil were adjusted downward by the Ministry of Industry and Trade - Ministry of Finance. Specifically, the price of E5 RON92 gasoline decreased by VND292/liter, not higher than VND19,452/liter; the price of RON95 gasoline decreased by VND247/liter, not higher than VND20,607/liter.
Prices of all types of oil also decreased simultaneously. Of which, diesel price decreased by 344 VND/liter, not higher than 18,573 VND/liter. Kerosene price decreased by 306 VND/liter, not higher than 18,988 VND/liter and fuel oil price decreased by 385 VND/kg, not higher than 16,009 VND/kg.
In this management period, the Ministry of Industry and Trade - Ministry of Finance continued not to set aside or use the petrol price stabilization fund for any products.
Source: https://congthuong.vn/gia-xang-dau-du-bao-tiep-tuc-giam-trong-ky-dieu-hanh-ngay-mai-21112024-359834.html
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