Tomorrow (October 24) is the time to regulate retail gasoline prices according to Decree 80/2023.

In the world market, oil prices last week recorded a shocking weekly decline. Overall, Brent crude oil prices fell more than 7% to $73.06/barrel, while WTI crude oil prices fell approximately 8% to $69.22/barrel.

But this week, oil prices rose in the first two trading sessions of the week, with an increase of about 2% each session. Oil prices increased in the context of continuous fighting in the Middle East and the possibility of Israel retaliating against Iran, making investors worried about supply disruptions from this region.

At the beginning of the trading session on October 23, oil prices moved in opposite directions. According to data from Oilprice, at 8:52 a.m. on October 23 (Vietnam time), Brent oil price was at 75.74 USD/barrel, down 0.39%; WTI oil price was at 72.09 USD/barrel, down 2.17% compared to the previous session.

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Gasoline prices are expected to decrease. Photo: Hoang Ha

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

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices in the October 23 adjustment period may be slightly adjusted down.

If the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could decrease by 70-120 VND/liter. Diesel prices could decrease by about 330-380 VND/liter.

In case the regulatory agency draws from the Petroleum Price Stabilization Fund, the gasoline price may decrease less or remain the same.

If the above forecast is correct, domestic gasoline prices will have a second consecutive decrease.

In the most recent adjustment period (October 17), the prices of all types of gasoline and oil were adjusted down by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 gasoline was adjusted down by 110 VND/liter, selling price is 19,730 VND/liter. The price of RON 95 gasoline decreased by 110 VND/liter, selling price is 20,960 VND/liter.

Similarly, the price of diesel was adjusted down by 180 VND/liter, the selling price down to 18,320 VND/liter. The price of kerosene was reduced by 170 VND/liter, the price is 18,620 VND/liter.

Gasoline prices have reversed downwards, RON 95 falling below VND21,000/liter. Gasoline prices in today's adjustment period (October 17) reversed downwards after a sharp increase in last week's adjustment period. RON 95 gasoline prices have fallen below VND21,000/liter.