According to the plan, tomorrow (July 18) 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, world oil prices last week recorded a weekly decrease with Brent oil prices falling more than 1.7%, while WTI oil prices fell 1.1%.

This week, world oil prices fell consecutively in the first two trading sessions of the week. Oil prices fell mainly due to the stronger USD and weak demand from China (the world's leading oil importer).

At the beginning of the trading session on July 17, world oil prices continued to trend downward. According to data from Oilprice, at 7:25 a.m. on July 17 (Vietnam time), Brent oil was trading at $83.63/barrel, down 0.12% from the previous session. Meanwhile, WTI oil was at $80.68/barrel, down 0.1% 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.

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

Based on the developments in world oil prices, leaders of some oil companies believe that domestic gasoline prices at the adjustment session tomorrow (July 18) 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 VND130-160 per liter. Diesel prices are expected to decrease by VND320-380 per liter.

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

If the above forecast is correct, domestic gasoline prices will decrease for the second consecutive time.

In the most recent gasoline price adjustment period (July 11), gasoline prices were jointly adjusted by the Ministry of Industry and Trade - Ministry of Finance in a downward direction (except for fuel oil).

Specifically, the price of E5 gasoline decreased by 180 VND/liter, the selling price is 22,280 VND/liter. The price of RON 95 gasoline decreased by 260 VND, the selling price is 23,290 VND/liter.

Similarly, diesel price was also adjusted down by 340 VND/liter, selling price at 20,830 VND/liter. Kerosene price decreased by 180 VND/liter, selling price at 21,030 VND/liter.

Oil prices today, July 17, 2024, decreased due to concerns about demand. Oil prices today, July 17, 2024, on the international market decreased due to concerns about demand and the strengthening of the USD. Brent oil prices have dropped to 83 USD/barrel, WTI oil prices have reached 80 USD/barrel.