Will gasoline prices drop tomorrow?

According to businesses, domestic fuel prices tomorrow (January 23rd) may move in opposite directions. Gasoline prices may decrease slightly, while diesel prices may increase.

According to updated data from the Singapore market as of January 21st, gasoline 92 is trading at $83.4 USD/barrel, and gasoline 95 is trading at $85.8 USD/barrel, a decrease of approximately $2 USD/barrel compared to 7 days ago.

According to businesses, it is highly likely. domestic gasoline prices Gasoline prices are expected to reverse and decrease in tomorrow's price adjustment (January 23). Specifically, prices are projected to fall by approximately 50-150 VND/liter.

However, diesel prices could increase by 630 VND/liter, kerosene by 570 VND/liter, and fuel oil by 650 VND/liter. Since the beginning of the year, gasoline and diesel prices have increased for three consecutive sessions.

Remaining funds available for stabilization gasoline prices Some key enterprises still recorded large positive balances due to many operational periods not utilizing the fund. The fund balance at the end of Q2/2024 was VND 6,061 billion, a decrease of VND 18 billion compared to the previous quarter and the fifth consecutive quarter of decline. Compared to the end of 2023, this fund balance decreased by nearly VND 600 billion.

Gasoline prices are forecast to decrease slightly tomorrow (January 23).

In the most recent price adjustment on January 16th, the Ministry of Industry and Trade - Ministry of Finance increased the price of E5 RON 92 gasoline by 320 VND/liter to 20,750 VND/liter; RON 95 gasoline increased by 210 VND/liter to 21,220 VND/liter. Similarly, diesel fuel also increased by 540 VND/liter to 19,780 VND/liter; kerosene increased by 460 VND/liter to 19,700 VND/liter; and fuel oil also increased by 1,000 VND/kg to 17,180 VND/kg.

On the world market, oil prices have been continuously falling following news from Donald Trump's inaugural address as the 47th President of the United States.

Accordingly, Trump signed an executive order withdrawing from the Paris Agreement on climate change, increasing gasoline-powered car production, and calling for increased oil extraction in order to lower energy prices.

The United States possesses vast oil reserves, particularly shale oil, which has the potential to influence global crude oil prices. When the US no longer restricts oil production to combat climate change, increased supply will lead to lower gasoline prices.

The bank The US has also presented a scenario in which oil prices could fall to around $60 per barrel in the near future.

The market is anticipating positive developments in fuel prices in the near future. Simultaneously, lower fuel prices will help reduce business costs, leading to lower prices for other goods.

On the morning of January 22nd, Brent crude oil prices fell to $79.2 per barrel. WTI crude oil prices also dropped to $75.8 per barrel.

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