According to regulations, tomorrow afternoon (August 1) 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.

On the world market, world oil prices last week recorded their third consecutive week of decline. Brent oil fell nearly 2%, WTI oil fell more than 3%.

This week, world oil prices fell consecutively in the first two trading sessions of the week, down to the lowest level in 7 weeks.

Oil prices fell as investors worried about a possible slowdown in demand from China, while a possible ceasefire in the Gaza Strip would help reduce geopolitical risks to oil prices.

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Domestic gasoline prices may decrease for the fourth consecutive time tomorrow. Photo: Nguyen Hue

At the beginning of the trading session on July 30, world oil prices reversed and increased slightly due to support from the continued decrease in US petroleum inventories.

According to data from Oilprice, at 8:01 a.m. on July 31 (Vietnam time), Brent oil price was trading at 79.02 USD/barrel, up 0.5% compared to the previous session. WTI oil price was at 75.25 USD/barrel, up 0.7% compared to the previous session.

In the Singapore market, in the recent period, the average price of finished gasoline in this market decreased 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 (August 1) are likely to be adjusted down.

Petroleum enterprises predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may decrease by 280-350 VND/liter. Diesel prices are expected to decrease by 250-350 VND/liter.

In case the Ministry of Finance and Industry and Trade jointly deduct from the BOG Fund, gasoline prices are likely to remain the same or decrease less.

If the above forecast is correct, domestic gasoline products will record the fourth consecutive decrease.

In the most recent petrol price adjustment period (July 25), the prices of all types of petrol were jointly adjusted downward by the Ministry of Industry and Trade - Ministry of Finance.

Specifically, the price of E5 gasoline decreased by 270 VND/liter, the selling price is 21,900 VND/liter. The price of RON 95 gasoline decreased by 290 VND/liter, the selling price is 22,880 VND/liter.

Similarly, diesel price was also adjusted down by 310 VND/liter, selling price to 20,190 VND/liter. Kerosene price was reduced by 340 VND/liter, selling price to 20,320 VND/liter.