Will gasoline prices increase or decrease on July 31?

According to the plan, the Ministry of Industry and Trade and the Ministry of Finance will adjust the retail price of gasoline periodically tomorrow (July 31). The leader of a major gasoline distribution enterprise in the South said that after the previous adjustment period, crude oil prices fluctuated, but recently they have tended to increase.

On July 29, the price of imported gasoline in the Singapore market was at 79.49 USD/barrel for RON 95 gasoline, an increase of more than 1 USD/barrel compared to 5 days ago; RON 92 gasoline was at 77.8 USD/barrel, an increase of nearly 1 USD/barrel. It is likely that domestic gasoline prices will increase slightly in the operating period on July 31.

Gasoline prices are expected to increase by about 50-100 VND/liter. Meanwhile, diesel prices may decrease by 50-150 VND/liter. If the joint ministries spend the Price Stabilization Fund, gasoline prices may remain unchanged.

The owner of a petroleum distribution company in the North also predicted that petroleum prices will continue to fluctuate in opposite directions in tomorrow's operating period. On July 29, the discount on gasoline at some warehouses was at 1,200-1,300 VND/liter, and diesel at 1,300-1,650 VND/liter.

If forecasts are correct, domestic gasoline prices will rebound after two consecutive declines. Currently, this fuel price is at a four-year low, equivalent to June 2021. Since the beginning of the year, RON 95 gasoline has increased 16 times, decreased 15 times. Diesel has increased 16 times, decreased 14 times and remained unchanged once.

In the most recent adjustment on July 24, E5 RON 92 gasoline decreased by VND210/liter to VND19,270/liter; RON 95 gasoline also decreased by VND220/liter to VND19,700/liter. Diesel increased by VND330/liter to VND19,120/liter, kerosene increased by VND200/liter to VND18,620/liter; fuel oil decreased by VND100/kg to VND15,370/kg.

In the world market, oil prices increased sharply in the first trading session of the week after the US and the European Union (EU) reached a new trade agreement. At the same time, US President Donald Trump announced that he would shorten the deadline for Russia to end the war in Ukraine, otherwise he could face a series of new tariffs, according to Reuters.

The US-EU deal and hopes of an extension of the US-China trade deal are supporting global financial markets, pushing oil prices higher, according to IG analyst Tony Sycamore. However, PVM analyst Tamas Varga warned that a stronger US dollar and lower oil imports from India could put downward pressure on crude prices in the near term.

On the supply side, an OPEC+ committee called on member countries to strictly comply with their production cut commitments, as eight countries in the group are about to meet separately to consider the possibility of increasing oil production in September.

In addition, ING bank forecasts that OPEC+ will complete an additional cut of 2.2 million barrels/day by the end of September to support oil prices amid market uncertainty.

Trading Economics data shows that at 0:30 on July 30, WTI oil price was trading at 68.91 USD/barrel, up 5.88% compared to last week; similarly, Brent oil was also at 72.23 USD/barrel, up 5.56%.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-ngay-317-se-tang-hay-giam-20250730005643654.htm