Gasoline prices are expected to increase for the third consecutive time in the operating period tomorrow, June 27, 2024

Tomorrow (June 27) 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.

Domestic gasoline prices at tomorrow's adjustment session (June 27) are forecast to increase for the third consecutive time. Photo: Thanh Tuan

In the world market, world oil prices last week recorded the second consecutive week of strong increase. Overall, last week, both benchmarks, Brent and WTI, increased by about 3%. At the beginning of the session on June 26, world oil prices continued to decline. Brent oil prices lost the $85/barrel mark.

According to data from Oilprice, at 8:15 a.m. on June 26 (Vietnam time), Brent oil was trading at $84.92 per barrel, down 0.11% from the previous session. WTI oil was at $80.79 per barrel, down 0.05% from the previous session.

In the Singapore market, in the recent period, the average price of finished gasoline in this market increased slightly compared to the previous period.

JPMorgan analysts warned that increased oil demand in the summer, weather risks that could impact refining operations, combined with production cuts by the Organization of the Petroleum Exporting Countries and major non-OPEC producers (OPEC+) mean oil supplies will tighten and inventories will start to run low in the summer months.

Based on the developments in world oil prices, leaders of some oil trading enterprises believe that domestic gasoline prices in the adjustment period tomorrow (June 27) are likely to increase.

Oil and gas companies predict that if the regulatory agency does not affect the Oil and Gas Price Stabilization Fund, domestic gasoline prices could increase by VND450-600 per liter. Oil prices are expected to increase by VND290-350 per liter, depending on the type.

If the Ministry of Finance and the Ministry of Industry and Trade spend the Price Stabilization Fund, gasoline prices are likely to increase less. If the above forecast is correct, domestic gasoline prices will increase for the third consecutive time.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in the operating period on June 27, the retail gasoline price forecast for the operating period on June 27 may increase by 548 - 606 VND, bringing the price of E5 RON 92 gasoline to 22,048 VND/liter and the price of RON 95-III gasoline to 23,066 VND/liter.

VPI's model also forecasts that retail oil prices this period will also increase by 1.35 - 2.25% (equivalent to 275.7 - 457.5 VND), bringing oil prices to 20,818 VND/liter (diesel), 20,626 VND/liter (kerosene) and 17,538 VND/kg (fuel oil). VPI forecasts that the Ministry of Finance - Ministry of Industry and Trade will not set aside or use the Petroleum Price Stabilization Fund this period.

In the most recent gasoline price adjustment period (June 20), gasoline prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all items.

Accordingly, the price of E5 gasoline increased by 190 VND/liter, the selling price is 21,500 VND/liter. The price of RON 95 gasoline increased by 230 VND, the selling price is 22,460 VND/liter.

Similarly, diesel price was also adjusted up by 720 VND/liter, selling price at 20,360 VND/liter.

Kerosene price increased by 500 VND/liter, selling price up to 20,350 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 mazut oil.

Source: https://congthuong.vn/gia-xang-du-bao-co-the-tang-lan-thu-3-lien-tiep-trong-ky-dieu-hanh-ngay-mai-2762024-328296.html