Gasoline prices are expected to increase in the operating period tomorrow, January 9, 2025

Gasoline prices in the operating period on January 9, 2025 are forecast to continue to increase, an increase of about 300-400 VND/liter.

Tomorrow (January 9, 2025) is the retail price management period. gasoline 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 petroleum trading.

World oil prices increased slightly

At 6:00 a.m. on January 8, the price of WIT crude oil increased by 0.69 cents, equivalent to 0.94%, to 74.25 USD/barrel. The price of Brent crude oil increased by 92 cents, equivalent to 1.21%, to 77.22 USD/barrel.

Oil prices edged up on Tuesday as traders looked to China's economic stimulus plan to boost growth as supplies tightened after the Christmas and New Year holidays.

Oil prices are seeing gains on hopes of improved demand from holiday travel and China’s economic commitments, but the overall trend remains bearish, the analyst said.

Earlier, in the second trading session of the week (January 7), oil prices reversed and increased by about 1% due to concerns about limited supply from Russia and Iran and expected higher demand from China.

At the beginning of the trading session on January 8, world oil prices continued to increase due to concerns about limited supply from Russia and Iran.

Domestic gasoline prices at the January 9 adjustment period may be adjusted upward.

Based on the developments in world oil prices, some oil companies believe that domestic oil prices may be adjusted upward in the January 9 adjustment period. Specifically, gasoline prices are expected to increase by about VND300-400/liter, while diesel may increase more strongly by about VND450-500/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly spend the Price Stabilization Fund, gasoline prices may increase less.

Similarly, diesel prices are likely to increase by about VND470-520/liter. In case the regulatory agency spends the Petroleum Price Stabilization Fund, the increase may be less.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that in the operating period on January 9, the retail price of E5 RON 92 gasoline is forecast to increase by VND 408 (2%) to VND 20,458/liter, while RON 95-III gasoline may increase by VND 346 (1.7%) to VND 21,086/liter.

VPI's model predicts that retail oil prices this period will also follow an upward trend, with diesel likely to increase by 2.7% to VND19,263/liter, kerosene likely to increase by 2.1% to VND19,218/liter, and fuel oil likely to increase by 0.7% to VND16,209/kg. VPI predicts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

In the most recent management period (January 2), the prices of gasoline and oil (except fuel oil) were jointly regulated by the Ministry of Industry and Trade. Industry and Trade - Financial adjustment increase.

Specifically, the price of E5 RON 92 gasoline increased by VND240/liter, to VND20,057/liter; RON 95 gasoline increased by VND199/liter, to VND20,746/liter.

Diesel 0.05S price: Up 125 VND/liter, at 18,755 VND/liter; kerosene up 126 VND/liter, at 18,834 VND/liter; fuel oil 180CST 3.5S up 129 VND/kg, at 16,099 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside, set aside, or spend the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source