Gasoline prices may continue to increase by nearly 1,000 VND/liter

Faced with the unpredictable developments of world oil prices, representatives of many businesses have forecast that domestic gasoline prices at the upcoming adjustment period on August 11 may continue to increase.

“World oil prices have been fluctuating continuously in recent days and tend to increase. Therefore, domestic gasoline prices may increase by 600 - 800 VND/liter, while oil prices may increase by less, 300 - 500 VND/liter. In case the Ministry of Industry and Trade - Finance jointly draws from the price stabilization fund, the increase may be higher,” a leader of a key enterprise predicted.

Businesses predict that domestic gasoline prices will continue to increase in the upcoming adjustment period on August 11. (Illustration: Cong Hieu).

Mr. Bui Ngoc Bao, Chairman of the Vietnam Petroleum Association, analyzed that world oil prices have been increasing sharply in recent days. If the Ministry of Finance and the Ministry of Industry and Trade also increase domestic oil prices, it is understandable and in line with market rules.

Currently, domestic retail gasoline prices on the morning of August 8 are applied according to the adjustment session on August 1 of the Ministry of Finance - Industry and Trade.

Specifically, the price of E5 RON92 gasoline increased by VND1,152/liter to VND22,791/liter; RON95 gasoline increased by VND1,171/liter to VND23,963/liter; diesel increased by VND1,112/liter to VND20,612/liter; kerosene increased by VND1,081/liter to VND20,270/liter and 180CST 3.5S fuel oil increased by VND806/kg to VND16,531/kg.

Since the beginning of 2023, gasoline prices have undergone 22 adjustments, including 12 increases, 7 decreases, and 3 unchanged.

World oil prices increase continuously
At 6:30 a.m. on August 8, WTI oil price was trading at 82.85 USD/barrel, down 0.72 USD/barrel, while Brent oil was trading at 85.16 USD/barrel, down 1.92 USD/ounce compared to early this morning.

Oil prices fell today due to profit-taking by investors after oil prices reached their highest level since mid-April due to consecutive increases.

Traders also remained cautious amid concerns about the pace of China’s economic recovery, with many watching Chinese economic data due this week for clues about stimulus measures for the world’s second-largest economy.

World crude oil prices are forecast to continue to increase, fluctuating between 85 - 90 USD/barrel. (Illustration photo).

World oil prices have been rising continuously in recent weeks, supported by forecasts that the US Federal Reserve (Fed) may temporarily stop raising interest rates, reduced supply from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), and hopes that economic stimulus measures in China will boost oil demand recovery.

The main factors driving oil prices higher are a decline in Saudi Arabian supply and a commitment from Russia to reduce exports. Meanwhile, US crude oil production may slow in the coming period as operators continue to cautiously expand supply.

Many analysts predict that oil prices will rise even more sharply in the second half of 2023 than in the first half of this year. However, the upward trend may be limited and interrupted by concerns about the pace of China's economic recovery and uncertainty about supply from Saudi Arabia and Russia.

Therefore, in the coming time, Brent oil price may fluctuate around 85 USD/barrel.

The number of active oil rigs in the US fell by four to 525 last week, marking the eighth consecutive weekly decline and the lowest level since March 2022.

Source VTC

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