Tomorrow domestic gasoline prices will increase again

It is forecasted that in the operating period tomorrow afternoon (February 29), domestic gasoline prices may increase by 200 - 350 VND/liter, while oil prices may decrease.

Responding to VTC News, Mr. Nguyen Xuan Thang, Director of Hai Au Phat Petroleum Enterprise, said that based on world price developments, representatives of many enterprises shared the same forecast that the price of E5 RON92 gasoline could increase by 200-300 VND/liter, and RON95 gasoline by 250-350 VND/liter tomorrow afternoon (February 29).

Meanwhile, diesel prices are forecast to decrease by 50-100 VND/liter or remain unchanged.

"The above forecast does not include the management agency's use of the gasoline price stabilization fund and other fees," Mr. Thang said.

Similarly, Ms. Phung Thi Hong, Director of Hong Minh Petroleum Distribution Company, also commented: "Gasoline prices may increase by 300 - 350 VND/liter, oil prices may increase by about 100 VND/liter or remain unchanged. If the Ministry of Industry and Trade - Finance spends the stabilization fund, gasoline prices may increase less or remain the same."

Meanwhile, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that, in the operating period on February 29, 2024, retail gasoline prices are forecast to increase slightly by 0.7 - 0.9%, equivalent to an increase of about 151 - 210 VND, bringing the price of E5 RON92 gasoline to 22,621 VND/liter and the price of RON 95 gasoline to 23,800 VND/liter.

Meanwhile, VPI's model forecasts retail oil prices to decrease slightly by 0.1 - 1.4%, diesel to VND20,612/liter; kerosene to VND20,812/liter and fuel oil to VND15,897/kg.

VPI's model predicts that this time, the Ministry of Finance - Industry and Trade may set aside a price stabilization fund for fuel oil at 300 VND/liter.

If the above forecasts are correct, gasoline prices will increase again after the decrease on February 22. Previously, from 3:00 p.m. on February 22, the price of E5 gasoline decreased by 360 VND/liter, selling price was 22,470 VND/liter. The price of RON95 gasoline decreased by 320 VND/liter, selling price was 23,590 VND/liter.

Similarly, diesel oil decreased by 451 VND/liter, not higher than 20,910 VND/liter; kerosene decreased by 300 VND/liter, not higher than 20,921 VND/liter; mazut oil increased by 23 VND/kg, not higher than 15,929 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to set aside a price stabilization fund for fuel oil at 300 VND/kg, and not set aside a fund for E5 RON92 gasoline, RON95 gasoline, diesel oil and kerosene.

In the world market, in general, last week, Brent oil price decreased by about 2%, while WTI oil price decreased by more than 3%. However, this week, world oil price tended to increase and increased continuously in the first two trading sessions of the week.

At 6:00 a.m. on February 28, Brent crude oil was trading at $83.39 per barrel, up $1.04 from early this morning. WTI crude oil was trading at $78.63 per barrel, up $1.05.

Oil prices rose on reports that OPEC+ is considering extending oil production cuts into the second quarter. According to Reuters, OPEC+ could maintain the 2.2 million barrel/day cut until the end of the year.

In the Singapore market, in the last period, the average price of finished gasoline in this market also increased compared to the previous period. But the increase was not too large.

(VTC News)

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