Gasoline prices are forecast to increase for the fifth consecutive time in tomorrow's price adjustment on July 11, 2024.

Tomorrow (July 11th) marks the deadline for adjusting retail gasoline and diesel prices according to Decree 80/2023, which amends and supplements some articles of Government Decrees 95 and 83 on gasoline and diesel business.

Domestic gasoline prices are predicted to increase for the fifth consecutive time in tomorrow's price adjustment (July 11). Photo: Thanh Tuan

On the global market, at the start of trading on July 10th, world oil prices showed a tendency to recover. According to data from Oilprice, at 7:15 AM on July 10th (Vietnam time), Brent crude was trading at $84.86 per barrel, up 0.24% from the previous session. WTI crude was at $81.66 per barrel, up 0.31% from the previous session.

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

Based on global oil price trends, leaders of several petroleum businesses predict that domestic gasoline prices are likely to be adjusted upwards in tomorrow's price adjustment (July 11).

Petroleum businesses predict that if the regulatory agency does not intervene in the Fuel Price Stabilization Fund, domestic gasoline prices could increase by 130-270 VND/liter. Diesel prices are expected to increase by 70-120 VND/liter, depending on the type. If the Ministry of Finance and the Ministry of Industry and Trade use the Price Stabilization Fund, gasoline prices are likely to increase less. If the above forecast is accurate, domestic gasoline prices will have increased for the fifth consecutive time.

In other news, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in tomorrow's price adjustment (July 11th), retail gasoline prices could increase by 139-218 VND, bringing the price of E5 RON 92 gasoline to 22,678 VND/liter and the price of RON 95-III gasoline to 23,689 VND/liter.

VPI's model also forecasts that this period the retail price of diesel will decrease by 0.5% to 21,061 VND/liter, the price of kerosene will remain unchanged or decrease insignificantly to 21,202 VND/liter; meanwhile, the price of mazut is forecast to increase by about 1.6% to 17,807 VND/kg.

VPI forecasts that the inter-ministerial committee of Finance and Industry and Trade will continue to neither allocate funds to nor utilize the fuel price stabilization fund this time around.

In the most recent fuel price adjustment (July 4th), the Ministry of Industry and Trade and the Ministry of Finance jointly adjusted fuel prices upwards for all products. Specifically, the price of E5 gasoline increased by 450 VND/liter, reaching 22,460 VND/liter. The price of RON 95 gasoline increased by 540 VND/liter, reaching 23,550 VND/liter.

Similarly, the price of diesel fuel was also adjusted upwards by 490 VND/liter, bringing the selling price to 21,170 VND/liter. The price of kerosene increased by 600 VND/liter, reaching 21,210 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-tang-lan-thu-5-lien-tiep-trong-ky-dieu-hanh-ngay-mai-1172024-331210.html