Tomorrow (September 26) 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 strong increase. Overall, last week, both benchmark oil products, Brent and WTI, increased by more than 4%.

This week, after a slight slide in the first trading session of the week (September 23), world oil prices reversed and increased by about 2% in the trading session on September 24, reaching a 3-week high. Oil prices increased sharply after monetary easing to boost economic growth in China (the world's leading crude oil importer) and increasing concerns that conflicts in the Middle East could affect oil supplies.

However, at the beginning of the trading session on September 25, world oil prices decreased slightly, despite a sharp decrease in US gasoline and oil inventories.

According to data from Oilprice, at 8:02 a.m. on September 25 (Vietnam time), Brent oil was trading at $75.07 per barrel, down 0.13% from the previous session. WTI oil was at $71.46 per barrel, down 0.14% from the previous session.

In the Singapore market, imported gasoline prices increased slightly compared to the previous period.

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Domestic gasoline prices may increase sharply tomorrow. Photo: Chi Hung

Based on the developments in world oil prices, some oil and gas businesses believe that domestic oil and gas prices in the September 26 adjustment period may be adjusted to increase sharply.

Oil and gas companies predict that if the regulatory agency does not affect the Oil and Gas Price Stabilization Fund, domestic gasoline prices could increase by VND750-850 per liter. Similarly, diesel prices are likely to increase by about VND450-550 per liter.

In case the management agency spends the Petroleum Price Stabilization Fund, the gasoline price may increase less.

If the above forecast is correct, domestic gasoline prices will increase for the second consecutive session.

In the most recent gasoline price adjustment period (September 19), the prices of gasoline were adjusted up by the Ministry of Industry and Trade - Ministry of Finance while oil products (except fuel oil) turned down.

Specifically, the price of E5 gasoline was adjusted up by 50 VND/liter, selling price is 18,940 VND/liter. The price of RON 95 gasoline increased by 130 VND/liter, selling price is 19,760 VND/liter.

Meanwhile, diesel price was adjusted down by 120 VND/liter, selling price is 17,040 VND/liter. Kerosene price decreased by 240 VND/liter, selling price is 17,790 VND/liter.

Gasoline prices increase again, RON 95 up to over 19,700 VND/liter. Gasoline prices in today's management period (September 19) have mixed developments. Gasoline prices increased after plunging in the previous period while oil prices continued to decrease.