According to regulations, tomorrow afternoon (August 1) 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.

On the world market, world oil prices last week recorded the third consecutive week of decline. Brent oil fell nearly 2%, WTI oil fell more than 3%.

This week, world oil prices fell consecutively in the first two trading sessions of the week, to the lowest level in 7 weeks.

Oil prices fell as investors worried about a possible slowdown in demand from China. In addition, a possible ceasefire in the Gaza Strip would help reduce geopolitical risks to oil prices.

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Domestic gasoline prices may decrease for the fourth consecutive time tomorrow. Photo: Nguyen Hue

At the beginning of the trading session on July 30, world oil prices reversed and increased slightly due to support from continued decline in US oil inventories.

According to data from Oilprice, at 8:01 a.m. on July 31 (Vietnam time), Brent oil was trading at $79.02 per barrel, up 0.5% from the previous session. WTI oil was at $75.25 per barrel, up 0.7% from the previous session.

In the Singapore market, in the recent period, the average price of finished gasoline in this market decreased slightly compared to the previous period.

Based on the developments in world oil prices, leaders of some oil companies believe that domestic gasoline prices at the adjustment session tomorrow (August 1) are likely to be adjusted down.

Oil and gas companies predict that if the regulatory agency does not affect the Oil and Gas Price Stabilization Fund (BOG Fund), domestic gasoline prices could decrease by VND280-350 per liter. Diesel prices are expected to decrease by VND250-350 per liter.

In case the Ministry of Finance and the Ministry of Industry and Trade deduct from the BOG Fund, gasoline prices are likely to remain the same or decrease less.

If the above forecast is correct, domestic gasoline products will record the fourth consecutive decrease.

In the most recent gasoline price adjustment period (July 25), 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 270 VND/liter, the selling price is 21,900 VND/liter. The price of RON 95 gasoline decreased by 290 VND/liter, the selling price is 22,880 VND/liter.

Similarly, diesel price was also adjusted down by 310 VND/liter, selling price to 20,190 VND/liter. Kerosene price was reduced by 340 VND/liter, selling price to 20,320 VND/liter.