According to the schedule, tomorrow (August 21), the Ministry of Industry and Trade - Ministry of Finance will adjust retail prices of gasoline and oil every 10 days.
In the world market, this week's gasoline and oil prices recorded the first weekly decrease since June. Previously, gasoline and oil prices had increased for 7 consecutive weeks, marking the longest upward trend of the year.
Concerns about China's slow economic recovery and the strengthening of the US dollar were the main factors pushing oil prices to unexpectedly break their gains this week.
In the 5 trading sessions of the week, oil prices fell 3 sessions and increased 2 sessions. However, the acceleration in the last 2 sessions of the week was quite weak, not enough to compensate for the previous decline.
Overall, Brent and WTI crude oil prices both fell nearly 3% this week. At the end of the week, WTI crude oil prices were trading at $81.25/barrel, while Brent crude oil prices were $84.8/barrel.
Commenting on gasoline and oil prices at tomorrow's management session, leaders of several gasoline and oil businesses said that because world oil prices have recently decreased, domestic gasoline and oil prices have many opportunities to decrease as well.
According to forecasts, in tomorrow's adjustment period, domestic gasoline prices may decrease by 520-930 VND/liter, and oil prices may decrease by 450-650 VND/liter.
If the Ministry of Industry and Trade and the Ministry of Finance draw from the Stabilization Fund, the domestic retail price of gasoline and oil tomorrow may decrease less.
If forecasts are correct, domestic gasoline prices will decrease for the first time tomorrow after many consecutive increases.
Since the adjustment period on July 11, the price of RON 95-III gasoline has increased by a total of VND2,570/liter after 4 times. Meanwhile, the price of E5 RON 92-II gasoline has increased 3 times with a total increase of VND2,410/liter.
Since the beginning of the year, gasoline prices have been adjusted 23 times, including 13 increases, 7 decreases, and 3 unchanged.
In the most recent adjustment period (August 11), gasoline and oil prices were adjusted up but the increase was not significant.
Specifically, the price of E5 gasoline increased by 30 VND/liter, the selling price is 22,820 VND/liter. The price of RON95 gasoline also increased by 30 VND/liter, the selling price is 23,990 VND/liter.
But the price of diesel increased sharply by 1,810 VND/liter, the selling price is 22,420 VND/liter. The price of kerosene increased by 1,610 VND/liter, the price is 21,880 VND/liter.
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside the Petroleum Price Stabilization Fund and did not use the Petroleum Price Stabilization Fund for most petroleum products.
According to data from the Ministry of Finance, by the end of July, the domestic petroleum price stabilization fund had a surplus of more than VND 7,438 billion, the highest level since the first quarter of 2021.
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