Tomorrow afternoon (August 22) 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 week of almost flat. Overall last week, Brent oil prices increased by 0.02 USD/barrel, while WTI oil prices decreased by 0.19 USD/barrel.

This week, world oil prices fell more than 3% in the first two trading sessions of the week, reaching a two-week low. Oil prices plunged as concerns about supply in the Middle East eased after Israel accepted a proposal to resolve disagreements preventing a ceasefire in Gaza.

At the beginning of the trading session on August 21, world oil prices were still on a downward trend.

According to data from Oilprice, at 7:43 a.m. on August 21 (Vietnam time), Brent oil price was trading at 77.16 USD/barrel, down 0.05% compared to the previous session. WTI oil price was at 74.04 USD/barrel, down 0.44% compared to the previous session.

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

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Gasoline prices may be adjusted down. Photo: Nguyen Hue

Based on the world oil price developments, some oil businesses believe that domestic gasoline prices at the adjustment session tomorrow (August 22) will likely decrease.

Petroleum companies predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could decrease by 500-580 VND/liter. Diesel prices are expected to decrease by 420-520 VND/liter.

In case the Ministry of Industry and Trade - Ministry of Finance deducts from the Stabilization Fund, gasoline prices may decrease less.

If the above forecast is correct, domestic gasoline prices will reverse to decrease after being adjusted slightly upward in the operating period last week (August 15).

At the petrol price adjustment session on August 15, the prices of all types of petrol were adjusted upward by the Ministry of Industry and Trade - Ministry of Finance after 5 consecutive decreases.

Specifically, the price of E5 gasoline increased by 170 VND/liter, the selling price is 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, the selling price is 21,850 VND/liter.

Similarly, diesel price was also adjusted up by 90 VND/liter, selling price at 19,230 VND/liter. Kerosene price increased by 160 VND/liter, selling price up to 19,570 VND/liter.

Gasoline prices today, August 19, 2024, are on a downward trend . Gasoline prices today, August 19, 2024, on the international market continued to decline following the downward trend from the trading session at the end of last week. Last week, world oil prices recorded a week of almost flat movement.