Gasoline prices may decrease in the operating period tomorrow, August 22, 2024

Tomorrow (August 22) is the time to regulate retail gasoline prices according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on gasoline trading.

Domestic gasoline prices at tomorrow's adjustment session (August 22) are likely to reverse and decrease following the world trend. Photo: Thanh Tuan

In the world market, oil prices last week recorded almost flat. Overall last week, Brent oil prices increased by 0.02 USD/barrel, while WTI oil prices decreased by 0.19 USD/barrel.

This week, world oil prices fell more than 3% in the first two trading sessions of the week, reaching a two-week low. Oil prices plunged as concerns about supply in the Middle East eased after Israel accepted a proposal to resolve disagreements preventing a ceasefire in Gaza.

According to data from Oilprice, at 7:43 a.m. on August 21 (Vietnam time), Brent oil price was trading at 77.16 USD/barrel, down 0.05% compared to the previous session. WTI oil price was at 74.04 USD/barrel, down 0.44% compared to the previous session.

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

Based on the world oil price movement, some oil businesses believe that domestic gasoline prices will likely decrease in the next adjustment period (August 22). Oil businesses predict that if the regulator does not affect the Oil Price Stabilization Fund, domestic gasoline prices may decrease by 500-580 VND/liter. Diesel prices are expected to decrease by 420-520 VND/liter.

In case the Ministry of Industry and Trade - Ministry of Finance draws from the Stabilization Fund, the price of gasoline may decrease less. If the above forecast is correct, domestic gasoline products will reverse the decrease after being adjusted slightly upward in the management period last week (August 15).

In another development, the Vietnam Petroleum Institute's (VPI) Machine Learning-based gasoline price forecasting model shows that in the operating session tomorrow, August 22, gasoline prices are forecast to decrease slightly by 0.4-1.5% if the Ministry of Finance and Industry and Trade do not set aside or use the Petroleum Price Stabilization Fund.

Specifically, the price of E5 RON 92 gasoline may decrease by VND254/liter to VND20,626/liter, while RON 95-III gasoline may decrease by VND333/liter to VND21,517/liter.

VPI's model predicts that retail oil prices will also trend downward this period, with fuel oil prices forecast to decrease by about 1.1% to VND16,061/kg, followed by diesel oil forecast to decrease by 0.8% to VND19,083/liter, and kerosene to decrease by 0.4% to VND19,501/liter.

VPI forecasts that this period, the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund.

At the petrol price adjustment session on August 15, the prices of all types of petrol were adjusted upward by the Ministry of Industry and Trade - Ministry of Finance after 5 consecutive decreases.

Specifically, the price of E5 gasoline increased by 170 VND/liter, the selling price is 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, the selling price is 21,850 VND/liter.

Similarly, diesel price was also adjusted up by 90 VND/liter, selling price at 19,230 VND/liter. Kerosene price increased by 160 VND/liter, selling price up to 19,570 VND/liter.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Source: https://congthuong.vn/gia-xang-co-the-giam-trong-ky-dieu-hanh-ngay-mai-2282024-340468.html