Gasoline prices are expected to decrease, oil prices may increase from this afternoon, August 11

The continuous fluctuations in world oil prices have made it difficult for experts to predict domestic oil prices at the adjustment session this afternoon, August 11. Previously, many forecasts said that gasoline prices would not avoid a fourth consecutive increase. However, new developments in the world may help domestic gasoline prices reverse and go down today.

Informing VTC News, leaders of many petroleum companies said that the average price of finished gasoline in the Singapore market is on a downward trend, however, the adjustment is not significant. Therefore, in the management period on August 11, the Ministry of Industry and Trade - Ministry of Finance may slightly reduce domestic gasoline prices, the expected decrease is 200 - 300 VND/liter. Meanwhile, diesel prices may increase by 800 - 1,200 VND/liter.

In case the regulatory agency draws from the price stabilization fund, gasoline prices may remain the same or increase slightly.

Mr. Dang Hoai Phuong, Director of Phuong Nam Petroleum Company Limited ( Lam Dong ) said: "According to world price developments, I predict that oil prices will increase, and gasoline prices will decrease slightly from this afternoon."

If the above forecast is correct, domestic gasoline prices will have their first decrease after 3 consecutive increases, in which the last 2 sessions both increased by over 1,100 VND/liter.

Many opinions predict that gasoline prices will increase or decrease in opposite directions during the operating period today, August 11. (Illustration: Cong Hieu).

Also stating that gasoline prices will decrease by 200 - 400 VND/liter, while oil prices may be adjusted up by about 800 - 1,000 VND/liter, kg from the afternoon of August 11, Ms. Nguyen Thi Bich Huong, Chairwoman of the Petroleum Association, Vietnam Association of Small and Medium Enterprises, explained that in recent days, oil prices in the world have increased sharply, but on August 10, they have cooled down significantly. This may affect the calculation of the regulatory agency.

“Currently, due to the short-term price adjustment, the domestic gasoline market is very responsive; when world prices change, domestic prices are also adjusted accordingly. This is a very smooth operation of the authorities, proving that gasoline prices have gradually followed the market,” said Ms. Huong.

Currently, domestic gasoline retail prices on the morning of August 10 are applied according to the adjustment session on August 1 by the Ministry of Finance - Industry and Trade.

Domestic retail gasoline prices on the morning of August 10 are being applied according to the adjustment session on August 1 by the Ministry of Finance - Ministry of Industry and Trade.

Specifically, E5 RON92 gasoline is at VND22,791/liter (up VND1,152/liter); RON95 gasoline is priced at VND23,963/liter (up VND1,171/liter); diesel oil is VND20,612/liter (up VND1,112/liter); kerosene is VND20,270/liter (up VND1,081/liter) and 180CST 3.5S fuel oil is VND16,531/kg (up VND806/kg).

Since the beginning of 2023, gasoline prices have undergone 22 adjustments, including 12 increases, 7 decreases, and 3 unchanged.

World oil prices slightly decreased

At 6:30 a.m. on August 11, WTI oil price was trading at 83.71 USD/barrel, down 0.68 USD/barrel, while Brent oil was trading at 87.02 USD/barrel, down 0.53 USD/ounce compared to early this morning.

Oil prices fell today on concerns about falling demand for oil in China. Recent data showed that China's consumer sector fell into deflation and factory prices extended their decline in July.

Many experts commented that China's data is getting worse and this will make it more difficult for China to boost its economy.

On August 10, in its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said it expected the oil market to perform well in the remaining months of the year.

Oil prices fell despite data showing that US crude inventories rose by 5.85 million barrels last week, more than expected, after a record drop the week before.

Source VTC

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