This afternoon, gasoline prices may increase by more than 100 VND/liter.

A representative of a petrol retail company in Hanoi said that in the management period this afternoon, petrol prices may increase slightly from 50 to 150 VND/liter. Meanwhile, the prices of diesel, kerosene, and fuel oil may decrease by 200 to 300 VND/liter/kg.

In case the inter-ministerial committee uses the price stabilization fund, the fluctuation level may change.

The Vietnam Petroleum Institute (VPI)'s gasoline price forecast model also shows that in the management session this afternoon, May 29, retail gasoline prices may increase slightly by 0.4 - 0.8%, while oil prices may decrease by 1.3 - 1.8%.

Gasoline prices are expected to increase slightly this afternoon. (Illustration: Minh Duc).

Accordingly, VPI forecasts that the retail price of E5 RON92 gasoline may increase by VND153 (0.8%) to VND19,273/liter, while RON95 gasoline may increase by VND88 (0.4%) to VND19,618/liter.

On the contrary, retail oil prices this period tend to decrease by 1.3 - 1.8%. Specifically, diesel oil may decrease by 1.8% to 17,087 VND/liter, kerosene may decrease by 1.4% to 17,068 VND/liter, and fuel oil is forecast to decrease by 1.3% to 16,295 VND/kg.

Previously, in the operating period on May 22, the price of E5 RON92 gasoline decreased by 58 VND/liter, not higher than 19,122 VND/liter. The price of RON95 gasoline decreased by 62 VND/liter, not higher than 19,532 VND/liter.

Meanwhile, oil prices increased across the board. Specifically, diesel prices increased by VND177 per liter, not exceeding VND17,405 per liter. Kerosene prices increased by VND88 per liter, not exceeding VND17,314 per liter, and fuel oil prices increased by VND352 per kilogram, not exceeding VND16,512 per kilogram.

Since the beginning of the year, domestic gasoline prices have undergone 21 adjustment sessions, including 9 sessions of decrease, 8 sessions of increase and 4 sessions of opposite direction.

On the world market, at 6:00 a.m. this morning, May 29, the price of WTI oil was at 61.68 USD/barrel, up 1.31%, equivalent to an increase of 0.80 USD/barrel, while the price of US Brent oil was at 64.79 USD/barrel, up 1.09%, equivalent to an increase of 0.70 USD/barrel.

OPEC+ countries have now decided to move their meeting forward by a day. This meeting will likely decide on July production, which sources previously said would likely add 411,000 barrels per day to the market.

Suvro Sarkar, energy analyst at DBS Bank, said oil prices are being affected by OPEC+'s strategy of rapidly increasing production, leading to oversupply.

Fuel demand is expected to be strong in the coming summer, while non-OPEC+ oil production is expected to remain flat in the first half of the year, and the risk of wildfires in Canada could disrupt supplies. So the supply pressure is now largely on OPEC+.

In addition, according to experts, oil prices could react positively if there is progress in global trade negotiations or US-Iran tensions cool down.

The head of Iran's atomic energy agency, Mohammad Eslami, said Tehran could allow the UN nuclear watchdog to send US inspectors to visit nuclear facilities, if talks between Iran and the US yield results.

Source: https://baoquangninh.vn/chieu-nay-gia-xang-co-the-tang-hon-100-dong-lit-3360290.html