RON 95-III gasoline price forecast to increase beyond 20,000 VND/liter

In the August 7 adjustment period, retail gasoline prices could increase by up to 3% compared to the previous adjustment period if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the Gasoline and Oil Price Stabilization Fund.

Retail gasoline prices are forecast to increase by 3% tomorrow afternoon, August 7. Photo: Trieu Hoa

According to Mr. Doan Tien Quyet, data analysis expert of Vietnam Petroleum Institute (VPI), VPI's gasoline and oil price forecasting model using artificial neural networks and supervised learning algorithms predicts that the retail price of E5 RON 92 gasoline may increase by VND584 (3%) to VND19,984/liter, while RON 95-III gasoline may increase by VND601 (3%) to VND20,441/liter.

VPI's model also forecasts that retail oil prices will increase or decrease insignificantly during this period. Specifically, diesel may decrease by 0.5% to VND18,965/liter, kerosene may increase by 0.6% to VND18,822/liter, while fuel oil may increase by 1.8% to VND15,810/kg.

VPI predicts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Gasoline and Oil Price Stabilization Fund this period.

Globally , the oil market is undergoing a period of adjustment with prices falling slightly in the short term. Demand growth has slowed significantly compared to previous years, especially in emerging markets. Supply is expected to increase while demand growth is weak, creating downward pressure on prices in the medium term.

In terms of current selling prices, crude oil prices decreased by 0.17% to $66.18/barrel on August 5. WTI oil is trading at $64.475 as of August 6. Brent oil decreased to $68.65/barrel on August 4 (equivalent to a decrease of 1.46% compared to the previous day).

Source: https://hanoimoi.vn/du-bao-gia-xang-ron-95-iii-tang-vuot-nguong-20-000-dong-lit-711609.html