Tomorrow (February 8) 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.

Domestic gasoline prices are being affected by world gasoline prices and the Singapore market.

In the world market, oil prices last week “slid without stopping” when they decreased by nearly 7%, breaking the strong increase streak of the previous 2 weeks. This is also the week with the strongest price decrease since the beginning of the year.

This week, world oil prices are on an upward trend. However, oil prices have not yet reached the $80/barrel mark.

According to data from Oilprice, at 8:40 a.m. on February 7 (Vietnam time), Brent oil price was trading at 78.85 USD/barrel, while WTI oil price was at 73.6 USD/barrel.

Meanwhile, in the Singapore market, in the recent period, the average price of finished gasoline in this market has been on a downward trend compared to the previous period. Notably, the decrease is relatively large.

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Domestic gasoline prices are expected to drop sharply at tomorrow's adjustment period (Photo: Thanh Tung).

Commenting on domestic gasoline prices at the management session tomorrow (February 8), leaders of several gasoline businesses said that domestic gasoline prices are likely to decrease following the trend of world gasoline prices.

Businesses predict that in tomorrow's adjustment period, if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may decrease by 790-900 VND/liter. Diesel prices may decrease by 360-450 VND/liter.

If the above forecast is correct, domestic gasoline prices will have their first downward adjustment after 4 consecutive increases. And thus, the price of RON 95 gasoline could fall to 23,000 VND/liter.

In case the Ministry of Industry and Trade - Ministry of Finance deducts from the BOG Fund, gasoline prices may decrease less.

In the most recent petrol price adjustment (February 1), petrol prices were adjusted up across the board. Of which, the price of RON 95 petrol increased by over VND24,000/liter.

Specifically, the price of E5 gasoline increased by 740 VND/liter, the selling price is 22,910 VND/liter. The price of RON 95 gasoline increased by 760 VND/liter, the selling price increased to 24,160 VND/liter.

Diesel price increased by 620 VND/liter, retail price is 20,990 VND/liter. Kerosene price increased by 380 VND/liter, retail price is 20,920 VND/liter.

In this management period, the Ministry of Industry and Trade - Ministry of Finance continues to stop setting aside the BOG Fund and also does not spend the Fund on all petroleum products.

World oil prices are falling, but domestic gasoline prices are still adjusted even on holidays? Many gasoline traders and consumers are wondering about the timing of gasoline price adjustment during the Lunar New Year holiday.