Forecasts indicate a sharp reversal and increase in gasoline and diesel prices on October 30th.

The Vietnam Petroleum Institute (VPI) forecasts that the retail price of E5 RON 92 gasoline could increase by 1,010 VND (5.3%) to 20,060 VND/liter, while RON 95-III gasoline could increase by 1,025 VND (5.2%) to 20,745 VND/liter.

Gasoline prices are predicted to rise sharply on October 30th. Photo: TH

The Machine Learning-based fuel price forecasting model developed by the Vietnam Petroleum Institute (VPI) indicates that, in tomorrow's price adjustment (October 30th), retail gasoline prices could reverse course and increase by over 5%, while diesel prices could rise sharply by 6.1-7.8% compared to the previous adjustment period, if the Ministry of Finance and the Ministry of Industry and Trade do not allocate or utilize the Fuel Price Stabilization Fund.

According to Mr. Doan Tien Quyet, a data analyst at VPI, the gasoline price forecasting model, which applies artificial neural network models and supervised learning algorithms in machine learning, predicts that the retail price of E5 RON 92 gasoline could increase by 1,010 VND (5.3%) to 20,060 VND/liter, while RON 95-III gasoline could increase by 1,025 VND (5.2%) to 20,745 VND/liter.

VPI's model forecasts that during this period, kerosene prices could increase sharply by 1,413 VND (7.8%) to 19,523 VND/kg, diesel prices could increase by 1,269 VND (7.1%) to 19,149 VND/liter, and fuel oil prices could increase by 6.1% to 14,951 VND/kg.

VPI also predicts that the inter-ministerial committee of Finance and Industry and Trade will continue to neither allocate funds to nor utilize the fuel price stabilization fund this time around.

Source: https://hanoimoi.vn/du-bao-gia-xang-dau-dao-chieu-tang-manh-trong-ngay-30-10-721423.html