Tomorrow afternoon (August 22) 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 nearly flat week. Overall, last week, Brent oil prices increased by 0.02 USD/barrel, while WTI oil prices decreased by 0.19 USD/barrel.

Oil prices fell more than 3% in the first two trading sessions of the week, hitting a two-week low. Oil prices plunged as concerns about Middle East supplies eased after Israel accepted a proposal to resolve differences preventing a ceasefire in Gaza.

At the beginning of the trading session on August 21, world oil prices were still in a downward trend.

According to data from Oilprice, at 7:43 a.m. on August 21 (Vietnam time), Brent oil was trading at $77.16 per barrel, down 0.05% from the previous session. WTI oil was at $74.04 per barrel, down 0.44% from the previous session.

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

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Gasoline prices may be adjusted down. Photo: Nguyen Hue

Based on the developments in world oil prices, some oil companies believe that domestic gasoline prices at the adjustment session tomorrow (August 22) will likely decrease.

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 VND500-580 per liter. Diesel prices are expected to decrease by VND420-520 per liter.

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

If the above forecast is correct, domestic gasoline prices will reverse to decrease after being adjusted slightly upward in the operating period last week (August 15).

In the gasoline price adjustment session on August 15, the prices of all types of gasoline were adjusted upward by the Ministry of Industry and Trade - Ministry of Finance after 5 consecutive decreases.

Specifically, the price of E5 gasoline increased by 170 VND/liter, the selling price is 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, the selling price is 21,850 VND/liter.

Similarly, diesel price was also adjusted up by 90 VND/liter, selling price at 19,230 VND/liter. Kerosene price increased by 160 VND/liter, selling price up to 19,570 VND/liter.

Today's gasoline and oil prices on August 19, 2024 are on a downward trend . Today's gasoline and oil prices on August 19, 2024 on the international market continued to decline following the downward trend from the trading session at the end of last week. Last week, world oil prices recorded a week of almost flatness.