Gasoline prices forecast to increase slightly next week

With the increase in world oil prices, experts, key enterprises and domestic retailers predict that domestic gasoline retail prices will be adjusted up by 100 - 200 VND/liter in the regular adjustment period on June 21.

Domestic gasoline prices increased by 100 - 200 VND/liter?

Sharing with VTC News , some key enterprises and retailers said that with the current developments in world oil prices, it is likely that in the next adjustment period, domestic retail gasoline prices will be adjusted slightly by the Ministry of Finance - Industry and Trade by 100 - 200 VND/liter.

Next week, domestic gasoline prices are expected to increase slightly. (Illustration photo).

“If world oil prices continue to fluctuate in the current direction in the coming days, it is forecasted that domestic retail oil prices may increase by 100-200 VND/liter, or even higher.

Besides, the adjustment of gasoline prices this time also depends on the setting up of the Gasoline Price Stabilization Fund and other adjusted fees, if any," said a representative of a major gasoline enterprise.

The domestic retail price of gasoline on the morning of June 18 was applied according to the June 12 session of the Ministry of Finance - Industry and Trade. Specifically, E5RON92 gasoline is not higher than VND 20,878/liter (remaining the same as the current retail price), lower than RON95-III gasoline by VND 1,137/liter; RON95-III gasoline is not higher than VND 22,015/liter (remaining the same as the current retail price); 0.05S diesel is not higher than VND 18,028/liter (an increase of VND 85/liter compared to the current retail price); kerosene is not higher than VND 17,823/liter (an increase of VND 52/liter compared to the current retail price); 180CST 3.5S fuel oil is not higher than VND 14,719/kg (a decrease of VND 164/kg compared to the current retail price).

The Ministry of Finance and the Ministry of Industry and Trade jointly set aside the BOG Fund for E5RON92 gasoline at VND228/liter (previous period VND300/liter), RON95 gasoline at VND180/liter (previous period VND300/liter); diesel oil at VND200/liter (previous period VND300/liter); kerosene at VND200/liter (previous period VND300/liter); and fuel oil at VND100/kg (previous period VND300/kg).

The Ministry of Finance and the Ministry of Industry and Trade also decided not to spend the BOG Fund on all gasoline and oil products.

World oil prices tend to increase

Last weekend, many analysts predicted that oil prices would increase this week. And on the morning of June 18, the world price of WTI crude oil was at 71.3 USD/barrel, up 0.38 USD, while Brent oil was trading at 76.17 USD/barrel, up 0.23 USD compared to the previous trading session.

With three sessions of quite high price increases and two sessions of decline, oil prices this week experienced a week of price increases with Brent oil increasing 2.4% to 76.17 USD/barrel, WTI oil increasing 2.3% to 71.3 USD/barrel.

Oil rose and posted weekly gains as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect of further interest rate hikes.

However, in the first session of the week, oil prices extended the losing streak of the previous two weeks with a shocking plunge of nearly 4%. This slide in oil prices was due to Goldman Sachs lowering its oil price forecast due to higher-than-expected supply later this year and in 2024.

World oil prices are forecast to increase next week. (Illustration photo).

The bank forecasts Brent crude oil prices in December to fall to $86 a barrel from $95 a barrel previously and WTI oil prices to $81 a barrel from $89 a barrel.

Concerns about demand growth ahead of key inflation data and a Federal Reserve meeting also sent oil prices tumbling, but they failed to sustain the slide into the second session of next week.

Inflation data from the US Department of Labor showed that US inflation cooled to its lowest level in more than 3 years but remained higher than the Fed's target. This data supported oil prices to increase by more than 4%.

According to the US Energy Information Administration (EIA), the country's crude oil inventories increased by about 8 million barrels in the week ending June 9, a "huge" increase compared to analysts' forecasts for a decrease of 500,000 barrels. Gasoline and diesel inventories also increased more than expected.

In the last two trading sessions of the week, oil prices increased by more than 4% due to the falling US dollar, soaring refining activities in China, and OPEC+ supply cuts.

With three sessions of quite high price increases and two sessions of decline, oil prices this week experienced a week of price increases with Brent oil increasing 2.4% to 76.17 USD/barrel, WTI oil increasing 2.3% to 71.3 USD/barrel.

With the current rise in oil prices, Russian Energy Minister Nikolai Shulginov said it would be realistic to assume that oil prices could reach $80 a barrel.

The Bank of England is expected to raise interest rates by a quarter of a percentage point next week. Comments from Fed officials following the Fed chairman's comments on the possibility of further rate hikes later this year will continue to be a focus for investors and a factor influencing oil prices in the new trading week, which is expected to continue to rise slightly.

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Source: https://vtc.vn/du-bao-gia-xang-dau-tang-nhe-trong-tuan-toi-ar800393.html