Gasoline prices may decrease in the operating period tomorrow, August 22, 2024

After five consecutive price reductions, gasoline prices are forecast to rebound slightly in tomorrow's price adjustment (August 15th). Gasoline and diesel prices today, August 21st, 2024: World oil prices continue to fall sharply.

Tomorrow (August 22nd) marks the deadline for adjusting retail gasoline and diesel prices according to Decree 80/2023/ND-CP, which amends and supplements several articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on gasoline and diesel business.

Giá xăng dầu trong nước áp dụng theo phiên điều chỉnh từ 15h ngày 25/1. Ảnh minh họa

Domestic gasoline prices are likely to reverse and decrease in tomorrow's price adjustment (August 22nd), following the global trend. Photo: Thanh Tuan

On the global market, oil prices remained almost unchanged last week. Overall, Brent crude rose by $0.02 per barrel, while WTI crude fell by $0.19 per barrel.

This week, world oil prices fell by more than 3% in the first two trading sessions, reaching their lowest level in two weeks. The price plunge was driven by easing concerns about supply in the Middle East after Israel accepted a proposal to resolve the disagreements hindering a ceasefire in Gaza.

According to data from Oilprice, at 7:43 AM on August 21st (Vietnam time), Brent crude oil was trading at $77.16 per barrel, down 0.05% from the previous session. WTI crude oil was trading at $74.04 per barrel, down 0.44% from the previous session.

In the Singapore market, the average price of refined petroleum products decreased slightly compared to the previous period.

Based on global oil price trends, several petroleum businesses predict that domestic gasoline prices are likely to decrease in tomorrow's price adjustment (August 22nd). These businesses forecast that, if the regulatory body does not intervene in the Price Stabilization Fund, domestic gasoline prices could fall by 500-580 VND/liter. Diesel prices are expected to decrease by 420-520 VND/liter.

If the Ministry of Industry and Trade and the Ministry of Finance draw from the Price Stabilization Fund, the price reduction for gasoline may be less significant. If the above forecast is accurate, domestic gasoline prices will reverse their downward trend after a slight increase in last week's price adjustment (August 15).

In other developments, the Machine Learning-based gasoline and diesel price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in tomorrow's price adjustment on August 22nd, gasoline and diesel prices are projected to decrease slightly by 0.4-1.5% if the Ministry of Finance and the Ministry of Industry and Trade do not allocate or utilize the Gasoline and Diesel Price Stabilization Fund.

Specifically, the price of E5 RON 92 gasoline could decrease by 254 VND/liter to 20,626 VND/liter, while RON 95-III gasoline could decrease by 333 VND/liter to 21,517 VND/liter.

VPI's model forecasts that retail oil prices will also follow a downward trend this period, with mazut oil projected to decrease by approximately 1.1% to 16,061 VND/kg, followed by diesel oil projected to decrease by 0.8% to 19,083 VND/liter, and kerosene by 0.4% to 19,501 VND/liter.

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

At the fuel price adjustment meeting on August 15th, the prices of all types of gasoline and diesel were adjusted upwards by the Ministry of Industry and Trade and the Ministry of Finance after five consecutive decreases.

Specifically, the price of E5 gasoline increased by 170 VND/liter, bringing the selling price to 20,880 VND/liter. The price of RON 95 gasoline increased by 180 VND/liter, bringing the selling price to 21,850 VND/liter.

Similarly, the price of diesel fuel was also adjusted upwards by 90 VND/liter, bringing the selling price to 19,230 VND/liter. The price of kerosene increased by 160 VND/liter, reaching 19,570 VND/liter.

During this price adjustment period, the Ministry of Industry and Trade - Ministry of Finance did not allocate or utilize the Fuel Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel fuel, kerosene, and fuel oil.

Source: https://congthuong.vn/gia-xang-co-the-giam-trong-ky-dieu-hanh-ngay-mai-2282024-340468.html