According to the schedule, tomorrow (October 3) 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.

In the world market, oil prices last week recorded a sharp decline. Overall, last week, Brent oil prices “plummeted” by approximately 3%, falling below the $72/barrel mark, while WTI oil prices “slid” by nearly 5%, moving away from the $70/barrel mark.

This week, after being almost flat in the first trading session of the week (September 30), world oil prices jumped about 3% in the trading session on October 1 after Iran fired a series of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's ally Hezbollah in Lebanon.

Nguyen Hue gasoline price 11 808 704 3330.jpg
Gasoline prices may be adjusted down sharply tomorrow. Photo: Nguyen Hue

At the beginning of the trading session on October 2, world oil prices continued to increase due to concerns about supply disruptions from the Middle East and a decrease in US oil inventories.

According to data from Oilprice, at 8:07 a.m. on October 2 (Vietnam time), Brent oil was trading at $74.52 per barrel, up 1.31% from the previous session. WTI oil was at $70.84 per barrel, up 1.45% from the previous session.

In the Singapore market, the average price of finished gasoline in the last period decreased quite sharply compared to the previous period.

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the October 3 adjustment period may be adjusted downward.

Oil and gas companies predict that if the regulatory agency does not affect the Oil and Gas Price Stabilization Fund, domestic gasoline prices could decrease by VND870-980 per liter. Diesel prices could decrease by VND300-320 per liter.

In case the regulatory agency draws from the Petroleum Price Stabilization Fund, the gasoline price may decrease less.

If the above forecast is correct, domestic gasoline prices will reverse after two consecutive increases.

In the most recent gasoline price adjustment period (September 26), the prices of all types of gasoline were adjusted to increase sharply by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 gasoline was adjusted up by 680 VND/liter, the selling price is 19,620 VND/liter. The price of RON 95 gasoline increased by 750 VND/liter, the selling price is 20,510 VND/liter.

Similarly, diesel price increased by 460 VND/liter, selling price increased to 17,500 VND/liter. Kerosene price increased by 320 VND/liter, selling price increased to 17,870 VND/liter.