Gasoline prices will drop sharply tomorrow?

According to plan, the Ministry of Industry and Trade and the Ministry of Finance will adjust retail gasoline prices periodically tomorrow (May 8).

The leader of a key petroleum distribution enterprise in the South said that after the previous adjustment period, crude oil prices continued to plummet to the lowest level since the beginning of 2021, and recently there has been a slight recovery.

On May 6, the price of imported gasoline in the Singapore market was at 74.97 USD/barrel for RON 95 gasoline, down more than 1.87 USD/barrel compared to 3 days ago; RON 92 gasoline was at 73.46 USD/barrel, down more than 1.7 USD/barrel. Therefore, it is likely that domestic gasoline prices will continue to decrease in tomorrow's adjustment period.

Specifically, gasoline prices are expected to decrease by about 400-550 VND/liter, diesel may decrease by 600-750 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly use the Price Stabilization Fund, gasoline prices may decrease more.

In addition, the owner of a petroleum distribution company in the North also predicted that petroleum prices will continue to decrease in tomorrow's operating period. On May 7, the discount on petroleum at some warehouses was at 1,450-1,700 VND/liter.

If forecasts are correct, domestic RON 95 gasoline prices will decrease for two consecutive sessions after only one increase. Currently, this fuel price is still at its lowest level in the past 4 years, equivalent to May 2021. Since the beginning of the year, RON 95 gasoline has increased 9 times, decreased 9 times. Diesel has increased 8 times, decreased 9 times and remained unchanged once.

In the most recent adjustment period on May 5, the management agency decided to reduce the price of E5 RON 92 gasoline by 80 VND/liter to 19,150 VND/liter; RON 95 gasoline by 50 VND/liter to 19,580 VND/liter. Similarly, diesel oil decreased by 170 VND/liter to 17,350 VND/liter, kerosene decreased by 150 VND/liter to 17,560 VND/liter; and fuel oil decreased by 330 VND/kg to 16,190 VND/kg.

In the world market, oil prices have recently continuously decreased due to the cautious market sentiment before the OPEC+ (Organization of the Petroleum Exporting Countries and allies) meeting on production policy, along with concerns about the global economic recession.

However, prices of this commodity rose about 3% in the trading session on May 6, after hitting a four-year low. The increase was driven by many positive factors, including signs of stronger demand in Europe and China. In addition, oil production in the US showed signs of decreasing as some companies announced to cut the number of oil rigs due to low oil prices, according to Reuters.

Oil prices were also supported by escalating tensions in the Middle East and a weaker US dollar. In addition, forecasts of a decline in US crude inventories also contributed to boosting prices, helping the market recover from a series of deep declines due to increased production by OPEC+.

According to Trading Economics data, at 6:30 a.m. on May 7, WTI oil was trading at $59.58 per barrel, up 2.24% from last week; similarly, Brent oil was also at $62.58 per barrel, up 2.1%.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-dau-ngay-mai-se-giam-manh-20250507064151141.htm