This afternoon domestic gasoline prices may increase by about 600 VND per liter.

In the operating session this afternoon, March 28, retail gasoline prices are expected to increase, while oil prices may decrease.

Responding to VTC News, Mr. Nguyen Viet Hung, Director of a petroleum retail company in Hanoi, predicted that the increase in the price of RON95 gasoline could be about 500 VND/liter; E5 RON95 gasoline about 400 VND/liter.

On the contrary, diesel prices could decrease by about VND300/liter.

The reason is that in the world market, oil prices last week moved in opposite directions, after increasing, they turned to decrease. Meanwhile, in the Singapore market, in the last period, the average price of finished gasoline in this market increased compared to the previous period.

According to the gasoline price forecast model of the Vietnam Petroleum Institute (VPI), retail gasoline prices in the operating period on March 28 may increase by 548 - 639 VND/liter, to 23,758 VND/liter (E5 RON92) and 24,919 VND/liter (RON95).

Retail oil prices this period tended to decrease, in which diesel prices decreased about 1.4% to 20,715 VND/liter, kerosene prices decreased about 1.3% to 20,982 VND/liter.

Also according to the forecast, the joint management agency of the Ministry of Finance - Ministry of Industry and Trade may continue to set aside a price stabilization fund for fuel oil at 300 VND/kg.

Currently, retail gasoline prices are applying the adjustment level of the price management period on March 21. Accordingly, the price of E5 RON92 gasoline increased by 729 VND/liter, not higher than 23,290 VND. The price of RON95 gasoline increased by 741 VND/liter, not higher than 24,284 VND/liter.

Prices of all types of oil also increased simultaneously, of which diesel increased by 465 VND/liter, not higher than 21,014 VND/liter; kerosene increased by 560 VND, not higher than 21,266 VND/liter and mazut increased by 667 VND/kg, not higher than 17,099 VND/kg.

At this period, the executive agency decided to set aside a price stabilization fund for fuel oil at 300 VND/kg and not set aside a fund for the remaining products.

The management agency also does not use the petrol price stabilization fund for all products.

On the world market, at 6:00 a.m. on March 28, WTI oil price was listed at 81.73 USD/barrel, up slightly by 0.45%, equivalent to an increase of 0.37 USD per barrel in the past 24 hours. At the same time, Brent oil price was listed at 86.09 USD/barrel, down 0.19%, equivalent to a decrease of 0.16 USD per barrel.

A stronger US dollar makes dollar-denominated oil more expensive for holders of other currencies, reducing demand, Reuters reported.

In addition, an unexpected surge in US crude and gasoline inventories also added to the pressure on oil prices. Data from the US Energy Information Administration (EIA) showed that US crude inventories increased by 3.2 million barrels while gasoline inventories increased by 1.3 million barrels in the week ended March 22.

On the supply side, OPEC+ is unlikely to change its oil production policy until a full ministerial meeting in June. OPEC+ agreed this month to extend production cuts of around 2.2 million barrels per day until the end of June, although Russia and Iraq have had to do more to address the production glut.

A Reuters survey found OPEC+ exceeded its target by 190,000 barrels a day in February, raising questions about whether members of the group are likely to comply with the agreed cuts.

(VTC News)

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