Gasoline prices expected to increase in the operating period tomorrow, January 2

Domestic gasoline prices tomorrow (January 2) are forecast to increase after decreasing in the last week's adjustment period.

Tomorrow (January 2, 2025) 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 (January 2) are forecast to increase after decreasing in the last week's adjustment period. Photo: Thanh Tuan

On the world market on the morning of January 1, the price of WIT oil increased by 73 cents, equivalent to 1.03%, to 71.72 USD/barrel. The price of Brent oil increased by 65 cents, equivalent to 0.88%, to 74.64 USD/barrel.

Oil prices edged higher on Tuesday as investors bet on falling temperatures across the United States and Europe in the coming weeks to boost diesel demand.

U.S. natural gas futures jumped 17% to their highest since January 2023, boosted by weather forecasts and rising export demand, a preliminary Reuters poll showed on Monday.

Oil prices could continue to be supported by falling US crude inventories.

Oil prices are likely to trade around $70 a barrel this year, as weak Chinese demand and rising global supplies offset efforts by OPEC and its allies to shore up the market, a monthly Reuters poll showed.

The weaker demand outlook in China in particular has forced both OPEC and the International Energy Agency (IEA) to cut their global oil demand growth expectations for 2024 and 2025.

The IEA predicts that the oil market will enter 2025 with a surplus, including

even as OPEC+ delays plans to increase production until April 2025 amid falling oil prices.

Based on the developments in world oil prices, some oil companies believe that domestic oil prices may be adjusted upward in the December 26 adjustment period. If the regulatory agency does not influence the Oil Price Stabilization Fund, domestic oil prices may increase by VND170-230 per liter. Similarly, diesel prices may increase by VND90-100 per liter.

In case the management agency spends less on the Petroleum Price Stabilization Fund, if the above forecast is correct, the price of RON 95 gasoline will turn up after a decrease.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that on January 2, 2025, the retail price of E5 RON 92 gasoline may increase slightly by 0.3% to VND 19,864/liter, while RON 95-III gasoline may increase slightly by 0.4% to VND 20,617/liter.

VPI's model predicts that retail oil prices this period may increase slightly by about 0.5%, bringing diesel prices to VND18,719/liter, kerosene to VND18,789/liter and fuel oil to VND16,043/kg.

VPI predicts 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 operating period on December 26, the price of E5 RON92 gasoline decreased by 427 VND/liter, not higher than 19,817 VND/liter. The price of RON95 gasoline decreased by 457 VND/liter, not higher than 20,547 VND/liter.

Diesel price decreased by 103 VND/liter, not higher than 18,630 VND/liter. Kerosene decreased by 260 VND/liter, not higher than 18,708 VND/liter. Fuel oil price increased by 67 VND/kg, not higher than 15,970 VND/kg.

Similar to the previous management period, the Ministry of Industry and Trade - Ministry of Finance continued not to set aside or use the gasoline price stabilization fund for all products.

In 2024 (from the price adjustment session on January 4, 2024 to December 31, 2024), gasoline prices will increase 24 times and decrease 26 times. Oil prices will increase 22 times and decrease 28 times.

Source: https://congthuong.vn/gia-xang-du-bao-tang-trong-ky-dieu-hanh-ngay-mai-21-367364.html