According to the schedule, tomorrow (October 3) 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.

In the world market, oil prices last week recorded a sharp decline. Overall, Brent oil prices “plummeted” by approximately 3%, falling below the 72 USD/barrel mark, while WTI oil prices “slid” by nearly 5%, moving away from the 70 USD/barrel mark.

This week, after being almost flat in the first trading session of the week (September 30), world oil prices jumped about 3% in the trading session on October 1 after Iran fired a series of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's ally Hezbollah in Lebanon.

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Gasoline prices may be adjusted down sharply tomorrow. Photo: Nguyen Hue

At the beginning of the trading session on October 2, world oil prices continued to increase due to concerns about supply disruptions from the Middle East and a decrease in US oil inventories.

According to data from Oilprice, at 8:07 a.m. on October 2 (Vietnam time), Brent oil price was trading at 74.52 USD/barrel, up 1.31% compared to the previous session. WTI oil price was at 70.84 USD/barrel, up 1.45% compared to the previous session.

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

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the October 3 adjustment period may be adjusted down.

Petroleum companies predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by 870-980 VND/liter. Diesel prices could fall by 300-320 VND/liter.

In case the regulatory agency draws from the Petroleum Price Stabilization Fund, the gasoline price may decrease less.

If the above forecast is correct, domestic gasoline prices will reverse after two consecutive increases.

In the most recent petrol price adjustment period (September 26), the prices of all types of petrol were strongly increased by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 gasoline was adjusted up by 680 VND/liter, selling price is 19,620 VND/liter. The price of RON 95 gasoline increased by 750 VND/liter, selling price is 20,510 VND/liter.

Similarly, diesel price increased by 460 VND/liter, selling price increased to 17,500 VND/liter. Kerosene price increased by 320 VND/liter, selling price increased to 17,870 VND/liter.