Gasoline prices are expected to increase for the third consecutive time in the operating period tomorrow, June 27, 2024.

Tomorrow (June 27) 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.

Domestic gasoline prices at tomorrow's adjustment session (June 27) are forecast to increase for the third consecutive time. Photo: Thanh Tuan

In the world market, world oil prices last week recorded the second consecutive week of strong increase. Overall, last week, both benchmarks, Brent and WTI, increased by about 3%. At the beginning of the session on June 26, world oil prices continued to decline. Brent oil prices lost the 85 USD/barrel mark.

According to data from Oilprice, at 8:15 a.m. on June 26 (Vietnam time), Brent oil price was trading at 84.92 USD/barrel, down 0.11% compared to the previous session. WTI oil price was at 80.79 USD/barrel, down 0.05% compared to the previous session.

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

JPMorgan analysts warn that increased oil demand in the summer, while weather risks that could impact refining operations, combined with OPEC+ production cuts, mean oil supplies will tighten and inventories will start to run low in the summer months.

Based on the developments in world oil prices, leaders of some oil trading enterprises believe that domestic gasoline prices in the management period tomorrow (June 27) are likely to increase.

Petroleum companies predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could increase by 450-600 VND/liter. Oil prices are expected to increase by 290-350 VND/liter, depending on the type.

If the Ministry of Finance and the Ministry of Industry and Trade spend the Price Stabilization Fund, the gasoline price will likely increase less. If the above forecast is correct, domestic gasoline products will increase for the third consecutive time.

In another development, the Vietnam Petroleum Institute's (VPI) machine learning-based gasoline price forecasting model shows that in the operating period on June 27, the retail gasoline price forecast for the operating period on June 27 may increase by VND548-606, bringing the price of E5 RON 92 gasoline to VND22,048/liter and the price of RON 95-III gasoline to VND23,066/liter.

VPI's model also forecasts that retail oil prices this period will also increase by 1.35 - 2.25% (equivalent to 275.7 - 457.5 VND), bringing oil prices to 20,818 VND/liter (diesel), 20,626 VND/liter (kerosene) and 17,538 VND/kg (fuel oil). VPI forecasts that the Ministry of Finance - Industry and Trade will not set aside or use the Petroleum Price Stabilization Fund this period.

In the most recent petrol price adjustment period (June 20), petrol prices were jointly adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all products.

Accordingly, the price of E5 gasoline increased by 190 VND/liter, the selling price is 21,500 VND/liter. The price of RON 95 gasoline increased by 230 VND, the selling price is 22,460 VND/liter.

Similarly, diesel price was also adjusted up by 720 VND/liter, selling price at 20,360 VND/liter.

Kerosene price increased by 500 VND/liter, selling price up to 20,350 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/gasoline-price-expected-to-increase-on-the-3rd-continued-operation-period-2762024-328296.html