Specifically, representatives of many petroleum businesses said that the decrease in gasoline prices could be about 300 - 500 VND/liter, while diesel prices could increase about 80 - 150 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly draw from the price stabilization fund, gasoline prices could decrease less or remain the same.
According to the gasoline price forecast model of the Vietnam Petroleum Institute (VPI), in the operating period on October 31, the retail price of E5 RON92 gasoline may decrease by 190 VND, equivalent to about 1%, to 19,500 VND/liter, while RON95 gasoline may decrease by 368 VND, equivalent to 1.8%, to 20,522 VND/liter.
VPI also forecasts that retail oil prices will increase from 174 to 458 VND. Of which, diesel will increase by 1% to 18,224 VND/liter, kerosene will increase by 2.5% to 19,028 VND/liter, and fuel oil is forecast to increase by 2.4% to 16,610 VND/kg. The Ministry of Finance and Industry and Trade will likely continue not to set aside or use the price stabilization fund this time.
If the above forecasts are correct, gasoline prices will have their third consecutive drop today.
Gasoline prices are expected to decrease this afternoon. (Photo: Minh Duc).
Previously, in the operating period on October 24, the prices of all types of gasoline and oil decreased. Specifically, the price of E5 RON92 gasoline decreased by 38 VND/liter, not higher than 19,692 VND/liter. The price of RON95 gasoline decreased by 68 VND/liter, not higher than 20,894 VND/liter.
Diesel prices also decreased by VND264/liter, to VND18,057/liter. Kerosene prices decreased by VND57/liter, not higher than VND18,570/liter. Fuel oil prices increased by VND139/kg, not higher than VND16,229/kg.
During this period, the executive agency continued not to set aside or use the price stabilization fund for all goods.
In the world market, crude oil prices have continuously decreased, reaching the lowest level since the beginning of the month. However, today, prices have slightly increased. At 6:00 a.m., Brent oil prices increased by 1.43 USD, equivalent to 2.01%, to 72.55 USD/barrel. WTI oil prices increased by 1.4 USD, equivalent to 2.08%, to 68.61 USD/barrel.
Oil prices rose after U.S. gasoline inventories fell 2.7 million barrels to a two-year low on strong demand. Oil inventories also fell 500,000 barrels due to lower imports. U.S. crude imports from Saudi Arabia fell to their lowest level since January 2021 at 13,000 barrels a day last week, down 20,000 barrels a day from the previous week.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) may delay a planned increase in oil output in December by a month or more due to concerns about weak oil demand and rising supplies.
Source: https://vtcnews.vn/gasoline-price-may-increase-in-driving-afternoon-ar904815.html
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