Tomorrow afternoon (September 5) 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 downward week. Overall, last week, Brent oil prices decreased by 0.3%, WTI oil prices decreased by 1.7%.

This week, after a slight increase in the first trading session of the week (September 2), world oil prices turned around and fell nearly 5% in the trading session on September 3, to the lowest level in nearly 9 months.

At the beginning of the trading session on September 4, world oil prices were still on a downward trend. According to data from Oilprice, at 7:38 a.m. on September 4 (Vietnam time), Brent oil was trading at $73.55/barrel, down 0.27% from the previous session. Meanwhile, WTI oil was at $70.09/barrel, down 0.36% from the previous session.

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Domestic gasoline prices may be adjusted down tomorrow. Photo: Nguyen Hue

Given the developments in world oil prices, some oil businesses believe that domestic gasoline prices at the adjustment session tomorrow (September 5) will likely 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 150-180 VND/liter. Diesel prices are expected to decrease by 220 VND/liter.

In case the operator deducts from the Stabilization Fund, the gasoline price may remain the same as the previous adjustment period.

If the above forecast is correct, the price of domestic petroleum products will decrease for the third consecutive time. Accordingly, the price of RON 95 gasoline will fall below 21,000 VND/liter.

In the most recent gasoline price adjustment period (August 29), the prices of all types of gasoline were adjusted downward by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 gasoline decreased by 90 VND/liter, the selling price is 20,330 VND/liter. The price of RON 95 gasoline decreased by 210 VND/liter, the selling price is 21,100 VND/liter.

Similarly, diesel price was also adjusted down by 300 VND/liter, selling price to 18,470 VND/liter.

Kerosene price decreased by 80 VND/liter, selling price is at 19,060 VND/liter.