Gasoline prices are forecast to increase for the third consecutive time in tomorrow's price adjustment on June 27, 2024.

Tomorrow (June 27th) is the date for adjusting retail gasoline and diesel prices according to Decree 80/2023, which amends and supplements some articles of Decree 95 and Decree 83 of the Government on gasoline and diesel business.

Domestic gasoline prices are predicted to increase for the third consecutive time in tomorrow's price adjustment (June 27). Photo: Thanh Tuan

On the global market, world oil prices recorded their second consecutive week of strong gains. Overall, both benchmark crude oil, Brent and WTI, rose by approximately 3% last week. However, at the start of trading on June 26th, world oil prices continued to fall. Brent crude oil dropped below the $85 per barrel mark.

According to data from Oilprice, at 8:15 AM on June 26th (Vietnam time), Brent crude oil was trading at $84.92 per barrel, down 0.11% from the previous session. WTI crude oil was trading at $80.79 per barrel, down 0.05% from the previous session.

In the Singapore market, the average price of refined gasoline increased slightly compared to the previous period.

JPMorgan analysts warn that increased oil demand in the summer, coupled with weather risks that could impact refining operations, and production cuts by the Organization of Petroleum Exporting Countries and major non-OPEC producers (OPEC+), means that oil supply will tighten and inventories will begin to dwindle during the summer months.

Based on global oil price trends, leaders of several petroleum businesses predict that domestic gasoline prices are likely to rise in tomorrow's price adjustment (June 27).

Petroleum businesses predict that if the regulatory agency does not intervene in the Fuel Price Stabilization Fund, domestic gasoline prices could increase by 450-600 VND/liter. Diesel prices are expected to increase by 290-350 VND/liter, depending on the type.

If the Ministry of Finance and the Ministry of Industry and Trade use the Price Stabilization Fund, the increase in gasoline prices is likely to be less significant. If this forecast is accurate, domestic gasoline prices will increase for the third consecutive time.

In other news, the Vietnam Petroleum Institute (VPI)'s Machine Learning-based gasoline price forecasting model indicates that retail gasoline prices could increase by 548-606 VND in the price adjustment period on June 27th, bringing the price of E5 RON 92 gasoline to 22,048 VND/liter and the price of RON 95-III gasoline to 23,066 VND/liter.

VPI's model also forecasts that retail oil prices this period will follow the same upward trend of 1.35 - 2.25% (equivalent to 275.7 - 457.5 VND), bringing the price to 20,818 VND/liter (diesel), 20,626 VND/liter (kerosene), and 17,538 VND/kg (mazut). VPI predicts that the inter-ministerial committee of Finance and Industry and Trade will not allocate or utilize the Fuel Price Stabilization Fund this period.

In the most recent fuel price adjustment (June 20th), the Ministry of Industry and Trade and the Ministry of Finance jointly adjusted fuel prices upwards for all products.

Accordingly, the price of E5 gasoline increased by 190 VND/liter, bringing the selling price to 21,500 VND/liter. The price of RON 95 gasoline increased by 230 VND, raising the selling price to 22,460 VND/liter.

Similarly, the price of diesel fuel was also adjusted upwards by 720 VND/liter, bringing the selling price to 20,360 VND/liter.

Meanwhile, the price of kerosene increased by 500 VND/liter, bringing the selling price to 20,350 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-du-bao-co-the-tang-lan-thu-3-lien-tiep-trong-ky-dieu-hanh-ngay-mai-2762024-328296.html