Gasoline prices may reverse and decrease in the operating period tomorrow, October 3, 2024

Tomorrow (October 3) is the time to regulate retail gasoline prices according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on gasoline trading.

Gasoline prices may reverse and decrease in the operating period tomorrow, October 3, 2024. Photo: VNA

At 6:00 a.m. on October 1, Brent oil price stood at 71.77 USD/barrel, up 0.01 USD/barrel. WTI oil price stood at 68.17 USD/barrel, up 0.1 USD/barrel.

In the world market, oil prices last week recorded a sharp decline. Overall, Brent oil prices fell approximately 3% last week, falling below the $72/barrel mark, while WTI oil prices also fell nearly 5%, moving away from the $70/barrel mark.

This week, after being almost flat in the first trading session of the week (September 30), world oil prices jumped about 3% in the trading session on October 1 after Iran fired a series of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's ally Hezbollah in Lebanon.

Based on the world oil price developments, some oil businesses believe that domestic oil prices may be adjusted down in the next adjustment period, October 3.

Petroleum companies predict that if the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by 870-980 VND/liter. Diesel prices could fall by 300-320 VND/liter.

If the regulatory agency draws from the Petroleum Price Stabilization Fund, the gasoline price may decrease less. If the above forecast is correct, domestic gasoline prices will reverse downwards after two consecutive increases.

In another development, according to the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI), retail gasoline prices in the upcoming operating period on October 3, 2024 may decrease. Of which, E5 RON 92 gasoline may decrease by VND662 (3.4%) to VND18,958/liter, while RON 95-III gasoline may decrease by VND641 (3.1%) to VND19,869/liter.

VPI's model predicts that oil prices may decrease slightly this period from 0.7 to 2.9%. Of which, fuel oil may decrease by 451 VND (2.9%) to 14,899 VND/kg, diesel oil is forecast to decrease by 0.7% to 17,370 VND/liter, kerosene is forecast to decrease by 1% to 17,697 VND/liter. VPI predicts that the Ministry of Finance - Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

During the operating period on September 26, the prices of all types of gasoline and oil were adjusted up by the Ministry of Industry and Trade - Ministry of Finance, specifically E5 RON92 increased by 679 VND/liter, not higher than 19,620 VND/liter. The price of RON95 gasoline increased by 756 VND/liter, to 20,518 VND/liter.

Diesel price increased by 463 VND/liter, not higher than 17,506 VND/liter; Kerosene increased by 322 VND/liter, not higher than 17,873 VND/liter and mazut price increased by 531 VND/kg, not higher than 15,357 VND/kg.

During this operating period, the authorities continue not to set aside or use the price stabilization fund for all goods.

Source: https://congthuong.vn/gia-xang-dau-co-the-quay-dau-giam-vao-ky-dieu-hanh-ngay-mai-3102024-349721.html