RON95-III gasoline price forecast to drop below 20,000 VND/liter

According to the Machine Learning model for forecasting gasoline and oil prices of the Vietnam Petroleum Institute (VPI), in the operating period on October 9, retail gasoline and oil prices may decrease sharply by 2.5-4.8%.

Gasoline prices are expected to drop sharply this week. Photo: Hong Anh

According to Mr. Doan Tien Quyet, a data analysis expert at VPI, the model applying artificial neural networks and supervised learning algorithms in machine learning predicts that the retail price of E5RON 92 gasoline may decrease by 706 VND (3.6%) to 18,904 VND/liter, while RON 95-III gasoline may decrease by 685 VND (3.4%) to 19,475 VND/liter.

VPI's model predicts that retail oil prices will also tend to decrease this period. Specifically, diesel prices may decrease by 2.5% to VND18,184/liter, kerosene may decrease by 3.5% to VND17,968/liter, and mazut may decrease by 4.8% to VND14,470/kg.

This period, the Ministry of Finance and the Ministry of Industry and Trade may continue not to set aside or use the Gasoline and Oil Price Stabilization Fund.

In the previous management period (October 2), in response to the developments in world oil and gas prices, the joint ministries did not set aside or use the Oil and Gas Price Stabilization Fund for 5 popular oil and gas products on the market. The prices of 2 oil products increased slightly, less than the 3 types of oil.

Globally, the gasoline and oil market is under pressure to reduce prices due to abundant supply as OPEC+ increases production and inventories increase in the US. However, prices fluctuate up and down depending on the product, diesel and kerosene prices increase sharply due to the approaching winter demand.

Source: https://hanoimoi.vn/du-bao-gia-xang-ron95-iii-giam-duoi-muc-20-000-dong-lit-718835.html