Gasoline prices are expected to increase in the operating period tomorrow, December 19, 2024

Domestic gasoline prices tomorrow (December 19) are forecast to increase. If the Petroleum Price Stabilization Fund is not affected, gasoline prices could increase by 350-370 VND/liter.

Tomorrow (December 19) 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.

Domestic gasoline prices tomorrow (December 19) are forecast to increase. If the Petroleum Price Stabilization Fund is not affected, gasoline prices may increase by 350-370 VND/liter. Photo: Dinh Tuan

On the world market at 6:30 a.m. (Vietnam time), WTI oil price reached 70.08 USD/barrel, down 0.11% (equivalent to a decrease of 0.53 USD/barrel), while Brent oil stood at 73.19 USD/barrel, down 0.97% (equivalent to a decrease of 0.72 USD/barrel).

Oil prices fell about 1% on Thursday, hitting a one-week low, as demand concerns mounted following weak economic data from Germany and China, and investors turned cautious ahead of the Federal Reserve’s interest rate decision. Brent crude fell 72 cents to $73.19 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 63 cents to $70.08 a barrel. That was Brent’s lowest close since Dec. 10, narrowing the spread between Brent and WTI to $3.54 a barrel, a 12-week low.

Meanwhile, in the US, retail sales in November beat expectations, helped by demand for cars and online shopping. However, the report did not change expectations that the Fed will cut interest rates at today's meeting.

Investors will also be looking for clues from the Fed on interest rate policy in 2025, as economic indicators point to a recovery and persistent inflation. U.S. crude inventories fell by 4.7 million barrels last week, while gasoline inventories rose by 2.4 million barrels, according to the American Petroleum Institute.

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the adjustment period on December 19 may be adjusted upward.

If the regulatory agency does not influence the Petroleum Price Stabilization Fund, domestic gasoline prices could increase by VND350-370 per liter. Similarly, diesel prices are likely to increase by about VND370 per liter.

In case the regulatory agency spends the Petroleum Price Stabilization Fund, gasoline prices may increase less.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that the retail price of E5 RON 92 gasoline could increase by VND352 to VND20,212/liter, while RON 95-III gasoline could increase by VND369 to VND20,959/liter.

VPI's model predicts that retail oil prices will also increase by 1.5 - 2% this period. Of which, fuel oil may increase by 1.5% to VND15,803/kg, followed by kerosene which is forecast to increase by 1.6% to VND18,866/liter, and diesel which may increase by 2% to VND18,619/liter. VPI predicts that the Ministry of Finance - 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 December 5, the prices of all types of gasoline and oil were adjusted down by the Ministry of Industry and Trade - Ministry of Finance. Specifically, the price of E5 RON92 gasoline decreased by 3 VND/liter, not higher than 19,861 VND/liter; conversely, the price of RON95 gasoline increased by 33 VND/liter, not higher than 20,596 VND/liter.

Meanwhile, the prices of all types of oil decreased. Diesel oil price decreased by 127 VND/liter, not higher than 18,255 VND/liter. Kerosene price decreased by 251 VND/liter, not higher than 18,566 VND/liter and fuel oil price decreased by 551 VND/kg, not higher than 15,574 VND/kg.

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.

Source: https://congthuong.vn/gia-xang-du-bao-tang-trong-ky-dieu-hanh-ngay-mai-19122024-364877.html