Gasoline prices are expected to decrease for the third consecutive time, RON 95 gasoline may fall below 21,000 VND/liter

Tomorrow (September 5) 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.

It is forecasted that in the operating period tomorrow (September 5), domestic gasoline prices may continue to decrease for the third consecutive time following world prices. Photo: Dinh Tuan

In the world market, according to data from Oilprice recorded in the early morning of September 4 (Vietnam time), oil prices plummeted, with WTI crude oil falling to 69.82 USD/barrel, down 0.52 USD/barrel, equivalent to a decrease of 0.74%; Brent crude oil at 73.27 USD/barrel, down 0.48 USD/barrel, equivalent to a decrease of 0.62%.

Previously, world oil prices also dropped by nearly 5% in the trading session on September 3, to the lowest level in nearly 9 months. Last week, Brent oil prices fell 0.3%, WTI oil prices fell 1.7%.

In the Singapore market, the average price of finished gasoline in the last period increased slightly compared to the previous period. According to the latest update as of September 3, the price of RON 92 gasoline stood at 87.18 USD/barrel, up 0.19 USD; the price of RON 95 gasoline was at 91.44 USD/barrel, up 0.59 USD; the price of diesel oil alone decreased by 1.25 USD compared to the previous management period (August 29), at 91.06 USD/barrel.

Based on the developments in world oil prices, some oil trading enterprises believe that domestic gasoline prices at the adjustment session tomorrow, September 5, will likely be adjusted down.

Oil and gas companies predict that if the regulator does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices may decrease by 150-180 VND/liter. Diesel prices are expected to decrease by 220 VND/liter. In case the regulator draws from the Stabilization Fund, gasoline prices may remain the same as in the previous adjustment period.

If the forecast is correct, domestic gasoline prices will have their third consecutive decrease, continuing to record the lowest new price since the beginning of the year. Since the beginning of 2024, domestic gasoline prices have undergone 35 adjustment sessions, including 17 decrease sessions, 15 increase sessions and 3 opposite sessions.

In the most recent adjustment period on August 29, domestic gasoline prices continued to decrease for the second consecutive session. Specifically, the joint management agency of the Ministry of Industry and Trade - Ministry of Finance decided to reduce 92 VND per liter of E5 RON 92 gasoline, the new selling price of this item is 20,332 VND/liter; RON 95 gasoline decreased 208 VND, the new selling price is 21,109 VND/liter, recording the lowest new price of this item since the beginning of 2024.

Similarly, the prices of oil products were also adjusted down, with diesel down 299 VND, the new selling price is 18,477 VND/liter; kerosene down 84 VND, the new selling price is 19,065 VND/liter; mazut down 194 VND, the selling price is not higher than 15,562 VND/kg.

Also at the management session on the afternoon of August 29, the management agency decided not to allocate funds for petroleum products. At the same time, the fund will not be used for all petroleum products.

Source: https://congthuong.vn/gia-xang-du-bao-giam-lan-thu-3-lien-tiep-xang-ron-95-co-the-xuong-duoi-21000-donglit-343252.html