Gasoline prices are expected to increase for the fifth consecutive time in the operating period tomorrow, July 11, 2024

Tomorrow (July 11) 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 (July 11) are forecast to increase for the fifth consecutive time. Photo: Thanh Tuan

In the world market, at the beginning of the session on July 10, world oil prices tended to recover. According to data from Oilprice, at 7:15 a.m. on July 10 (Vietnam time), Brent oil price was traded at 84.86 USD/barrel, up 0.24% compared to the previous session. Meanwhile, WTI oil price was at 81.66 USD/barrel, up 0.31% compared to the previous session.

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

Based on the developments in world oil prices, leaders of some oil trading enterprises commented that domestic gasoline prices at the adjustment session tomorrow (July 11) are likely to be adjusted upward.

Petroleum enterprises predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices may increase by 130-270 VND/liter. Oil prices are expected to increase by 70-120 VND/liter, depending on the type. In case the Ministry of Finance and Industry and Trade spend the Petroleum Price Stabilization Fund, gasoline prices are likely to increase less. If the above forecast is correct, domestic gasoline products will have their fifth consecutive increase.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in the next adjustment period tomorrow (July 11), retail gasoline prices in the upcoming adjustment period may increase by 139 - 218 VND, bringing the price of E5 RON 92 gasoline to 22,678 VND/liter and the price of RON 95-III gasoline to 23,689 VND/liter.

VPI's model also forecasts that this period, the retail price of diesel will decrease by 0.5% to VND21,061/liter, the price of kerosene will remain the same or decrease slightly to VND21,202/liter; meanwhile, the price of fuel oil is forecast to increase by about 1.6% to VND17,807/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 time.

In the most recent gasoline price adjustment period (July 4), gasoline prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all items. Specifically, the price of E5 gasoline increased by 450 VND/liter, the selling price was 22,460 VND/liter. The price of RON 95 gasoline increased by 540 VND/liter, the selling price was 23,550 VND/liter.

Similarly, diesel price was also adjusted up by 490 VND/liter, selling price at 21,170 VND/liter. Kerosene price increased by 600 VND/liter, selling price up to 21,210 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-tang-lan-thu-5-lien-tiep-trong-ky-dieu-hanh-ngay-mai-1172024-331210.html