The continuous fluctuations of the world gasoline price have made it difficult for experts to predict the domestic gasoline price in the adjustment period this afternoon 11/8. Previously, many forecasters said that gasoline prices could hardly avoid the fourth consecutive increase. However, new developments in the world may help the domestic gasoline price today reverse downward.
Information to VTC News, leaders of many petroleum businesses 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 operating period on August 11, the inter-Ministry of Industry and Trade - Finance can slightly reduce the domestic gasoline price, the forecast reduction is 8-200 VND/liter. Meanwhile, the price of diesel oil may increase by 300 - 800 VND/liter.
In case the executive agency deducts the stabilization fund, gasoline prices may remain the same or increase slightly.
Dang Hoai Phuong, Director of Phuong Nam Petroleum Company Limited (Lam Dong) said: "According to world price movements, I forecast oil prices will increase, while gasoline prices will decrease slightly from this afternoon".
If the above forecast is correct, the domestic gasoline price will have the first decrease after 3 consecutive increases, of which the last 2 sessions have increased by over 1.100 dong/liter.
Many opinions predict that gasoline prices will increase and decrease in the operating period today, August 11th. (Artwork: Cong Hieu).
Also, the price of gasoline decreased by 200-400 VND/liter, while the price of oil could 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, According to the Vietnam Association of Small and Medium Enterprises, in recent days, the world oil price has increased sharply, but on August 8, the temperature has decreased significantly. This may affect the operator's calculations.
“Currently, due to the price adjustment in a short time, the domestic petroleum market is very sensitive, when the world price changes, the domestic price is also adjusted. This is a very smooth operation of the authorities, proving that gasoline prices have gradually followed the market," said Ms. Huong.
Currently, the retail price of gasoline in the country in the morning of August 10 is applied according to the adjustment session on August 8 of the Inter-Ministry of Finance - Industry and Trade.
The retail price of gasoline in the country in the morning of August 10 is being applied according to the adjustment session on August 8 of the Inter-Ministry of Finance - Ministry of Industry and Trade.
Specifically, gasoline E5 RON92 at 22.791 VND/liter (up 1.152 VND/liter); RON95 gasoline costs 23.963 VND/liter (up 1.171 VND/liter); diesel oil price is 20.612 VND/liter (up 1.112 VND/liter); kerosene oil is 20.270 VND/liter (an increase of 1.081 VND/liter) and fuel oil 180CST 3.5S is 16.531 VND/kg (up 806 VND/kg).
From the beginning of 2023 up to now, gasoline prices have undergone 22 adjustments, including 12 increases, 7 decreases and 3 times unchanged.
World oil prices fell slightly
At 6:30 am on June 11, the price of WTI oil traded at 8 USD/barrel, down 83,71 USD/barrel while Brent oil traded at 0,68 USD/barrel, down 87,02 USD/ounce compared to the early hours of the morning.
Oil prices fell today due to many concerns about oil demand in China will decrease. Recent data showed that the consumer sector in China fell into deflation and factory prices extended their decline in July.
Many experts say that China's data is getting worse and 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 said it expects the oil market to perform well for the rest of the year.
Oil prices fell despite data on US crude stockpiles last week surging to 5,85 million barrels, higher than expected, following a record drop last week as well.
Source VTC
