Gasoline prices are expected to increase for the second consecutive time in the operating period tomorrow, September 26, 2024

Tomorrow (September 26) 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.

At 6:00 a.m. on September 25, Brent crude oil was trading at $75.17 per barrel, up $1.27 from the previous session. WTI crude oil was trading at $71.56 per barrel, up $1.19 per barrel.

Oil prices rose on Wednesday on news of monetary stimulus from China, the world's top crude importer, and amid concerns that escalating conflict in the Middle East could impact regional supplies.

Gasoline prices are expected to increase for the second consecutive time in the operating period tomorrow, September 26, 2024. Photo: Phuong Ha

Meanwhile, in the Middle East, a vital oil-producing region, the threat of a full-scale regional war is growing as tensions rise between Israel and Hezbollah. Israeli airstrikes in Lebanon are threatening to drag OPEC member Iran closer to a conflict with Israel.

In its annual outlook report, OPEC raised its forecast for world oil demand in the medium and long term.

Based on the developments in world oil prices, some oil trading enterprises believe that domestic oil prices may be adjusted upward in the adjustment period tomorrow, September 26.

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 VND750-850 per liter. Similarly, diesel prices are likely to increase by about VND450-550 per liter.

If the regulatory agency spends the Petroleum Price Stabilization Fund, gasoline prices may increase less. If the above forecast is correct, domestic gasoline prices will increase for the second consecutive session.

In the most recent gasoline price adjustment period (September 19), the prices of gasoline were adjusted up by the Ministry of Industry and Trade - Ministry of Finance while oil products (except fuel oil) turned down.

Specifically, the price of E5 gasoline was adjusted up by 50 VND/liter, selling price is 18,940 VND/liter. The price of RON 95 gasoline increased by 130 VND/liter, selling price is 19,760 VND/liter.

Meanwhile, diesel price was adjusted down by 120 VND/liter, selling price is 17,040 VND/liter. Kerosene price decreased by 240 VND/liter, selling price is 17,790 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/gasoline-price-expected-second-increase-in-order-after-the-second-operation-period-2692024-348198.html