How will gasoline prices develop in the operating period tomorrow, March 14, 2024?

Tomorrow (March 14) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83 of the Government on gasoline trading.

On the world market on the morning of March 13, specifically, at 7:30 a.m. (Vietnam time), Brent crude oil price reached 82.31 USD/barrel and West Texas Intermediate (WTI) crude oil price reached 77.94 USD/barrel. At the end of yesterday's trading session, Brent crude oil price and WTI crude oil price decreased by 0.35% and 0.47%, respectively.

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Gasoline prices are forecast to increase slightly or remain unchanged, while oil prices may decrease slightly in tomorrow's price adjustment session (March 14).

The International Energy Agency (IEA) expects oil supplies to rise to a record high of around 103.8 million barrels per day, driven mainly by increased production from non-OPEC+ producers (including the US, Brazil and Guyana).

OPEC now expects the global economic recovery that began in late 2023 to continue into the first half of this year, leading to more “positive” global economic growth in 2024 than previously expected, boosting fuel demand.

In the domestic market, a representative of a petroleum business said that based on discounts and fluctuations in the world market, gasoline prices could remain the same or increase by less than 100 VND/liter, while oil prices could decrease by 100-200 VND/liter/kg.

Currently, domestic gasoline prices are being applied at the price from 3:00 p.m. on March 7. Specifically, E5 RON92 gasoline price decreased by 240 VND/liter, not higher than 22,512 VND/liter, RON95 gasoline decreased by 372 VND/liter, not higher than 23,557 VND/liter.

Meanwhile, the prices of petroleum products increased or decreased depending on the type. Diesel oil price decreased by 302 VND/liter, not higher than 20,471 VND/liter, kerosene decreased by 176 VND/liter, not higher than 20,609 VND/liter. Only fuel oil increased by 174 VND/kg, not higher than 16,133 VND/kg.

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

Do not use the petrol price stabilization fund for E5 RON92 petrol, RON95 petrol, diesel oil, kerosene, and fuel oil.

Since the beginning of the year, gasoline prices have increased 7 times and decreased 4 times.

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