Gasoline prices down tomorrow?

(Dan Tri) - Many businesses predict that domestic gasoline prices will decrease simultaneously during the adjustment period on October 9.

According to the plan, the Ministry of Industry and Trade - Ministry of Finance will announce the new retail price of gasoline on October 9. The price movement of imported gasoline from Singapore shows that domestic gasoline prices will likely decrease sharply.

Expected reduction of 400-600 VND/liter

A leader of a key enterprise in the South said that after the previous management period, the world crude oil price dropped sharply when the prospect of global supply increased. On October 7, the import price of RON 95 gasoline in Singapore was at 78.93 USD/barrel, RON 92 was 76.47 USD/barrel, down nearly 1 USD/barrel compared to 7 days ago.

With this development, domestic gasoline prices are forecast to decrease by about 450-600 VND/liter. Meanwhile, diesel prices may decrease by about 400-500 VND/liter.

The owner of a petroleum distribution company in the North also predicted that petroleum prices will decrease in the operating period tomorrow. On October 7, the petroleum discount at some warehouses was at 1,600-1,900 VND/liter.

If forecasts are correct, domestic gasoline prices will fall after a slight increase. Since the beginning of the year, RON 95 gasoline has increased 23 times, decreased 18 times. Diesel has increased 21 times, decreased 18 times and remained unchanged once.

In the most recent adjustment on October 2, the price of E5 RON 92 gasoline increased by VND10/liter to VND19,620/liter; RON 95 gasoline increased by VND40/liter to VND20,200/liter. Diesel increased by VND380/liter to VND19,030/liter, kerosene increased by VND380/liter to VND19,000/liter; mazut increased by VND170/kg to VND15,370/kg.

Oil prices fall under pressure of global oversupply

In the international market, oil prices continued to fall in the session on October 7 when investors assessed that the increase in production of OPEC+ (including member countries of the Organization of the Petroleum Exporting Countries and 10 other producing countries) in November was lower than expected, in the context of signs of potential oversupply.

According to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) will increase oil production by 137,000 barrels per day from November. In an official statement, OPEC forecast that the global economic outlook remains stable, while assessing that market fundamentals are stable thanks to low oil reserves.

The Energy Information Administration (EIA) forecasts US oil production this year to hit a record 13.53 million barrels per day, up from the previous forecast of 13.44 million barrels per day. Global oil inventories are also expected to increase as non-OPEC+ countries increase production, putting downward pressure on prices.

Daqing oil field in Heilongjiang province, China (Photo: Reuters).

JPMorgan said global oil inventories rose by 123 million barrels in September. China is accelerating its buildup of oil reserves. Meanwhile, the Russia-Ukraine conflict continues to destabilize Russian crude supplies, affecting energy prices.

Investors are now closely watching US oil inventory data. Phil Flynn, senior analyst at Price Futures Group, said the market is moving sideways, waiting for a reaction from inventories.

According to Trading Economics data, at 0:50 a.m. on October 8, WTI oil price was trading at 61.54 USD/barrel, up 1.09% compared to last week. Brent oil price also increased 1.13%, to 65.26 USD/barrel.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-ngay-mai-giam-20251008005527584.htm