According to plan, tomorrow (July 4) is the period for regulating retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83.

Domestic gasoline prices are being affected by world gasoline prices and the Singapore market.

In the world market, world oil prices last week recorded a mixed week after 2 consecutive weeks of strong increases. Overall, last week, Brent oil prices decreased by 0.24 USD/barrel while WTI oil prices increased by 0.81 USD/barrel.

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Gasoline prices may be adjusted up. Photo: Nguyen Hue

This week, after increasing about 2% in the first trading session of the week (July 1), world oil prices turned down slightly in the session of July 2. At the end of the trading session on July 2, Brent oil prices decreased by 0.42% to 86.24 USD/barrel. WTI oil prices decreased by 0.68% to 82.81 USD/barrel.

At the beginning of the session on July 3, world oil prices tended to recover. According to data from Oilprice, at 8:08 a.m. on July 3 (Vietnam time), Brent oil price was traded at 86.45 USD/barrel, up 0.26% compared to the previous session. Meanwhile, WTI oil price was at 82.99 USD/barrel, up 0.22% 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.

Based on the developments in world oil prices, leaders of some oil companies said that domestic gasoline prices at the adjustment session tomorrow (July 4) are likely to be adjusted upwards.

Petroleum companies predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may increase by 320-400 VND/liter. Oil prices are expected to increase by 250-370 VND/liter, depending on the type.

In case the Ministry of Finance and Industry and Trade spends the BOG Fund, gasoline prices are likely to increase less.

If the above forecast is correct, domestic gasoline prices will increase for the fourth consecutive time.

In the most recent petrol price adjustment period (June 27), petrol prices were jointly adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all items.

Specifically, the price of E5 gasoline increased by 510 VND/liter, the selling price is 22,010 VND/liter. The price of RON 95 gasoline increased by 550 VND, the selling price is 23,010 VND/liter.

Similarly, diesel price was also adjusted up by 320 VND/liter, selling price at 20,680 VND/liter. Kerosene price increased by 260 VND/liter, selling price up to 20,610 VND/liter.

Today's oil price on July 3, 2024 conquers a new peak . Today's oil price on July 3, 2024 on the international market continues to increase to the highest level in 2 months. Brent oil price has surpassed the mark of 87 USD/barrel.