Tomorrow (November 1) is the period for regulating domestic gasoline retail prices according to the 10-day cycle. According to data, on the world market on October 31, WTI oil price was traded at 82.31 USD/barrel, down 3.23 USD/barrel compared to early this morning, while Brent oil was traded at 87.45 USD/barrel, down 3.03 USD/barrel.
Oil prices last week continued to be affected by developments in the Israel-Hamas conflict and the risk that the conflict in the Middle East could spread, disrupting global crude oil supplies; soaring US oil reserves and concerns about a global economic recession.
On October 30, the World Bank (WB) forecast that global oil prices will average $90 per barrel in the fourth quarter and $81 per barrel in 2023 as slowing growth reduces demand. WB warned that the escalation of conflict in the Middle East could push oil prices higher.
In the domestic market, leaders of some petroleum enterprises said that in this management period, the average price of finished gasoline in the Singapore market increased slightly compared to the previous period.
Based on world price developments, businesses forecast that in the November 1 adjustment period, domestic E5 RON 92 gasoline may increase by VND250-300/liter, and RON 95 gasoline by VND500/liter. Meanwhile, diesel prices are forecast to decrease by VND450-500/liter.
If the above forecast is correct, gasoline prices will increase for the second consecutive time. If the Ministry of Industry and Trade and the Ministry of Finance spend the stabilization fund, gasoline prices may increase less.
Previously, on October 23, the Ministry of Finance - Ministry of Industry and Trade adjusted gasoline prices. Specifically, all gasoline and oil products increased in price, with the highest increase of nearly 500 VND/liter. Specifically, the price of E5 RON 92 gasoline increased by 458 VND/liter, up to 22,365 VND/liter; RON 95 gasoline increased by 469 VND/liter, up to 23,513 VND/liter.
Regarding oil products, diesel price increased by 79 VND/liter, to 22,489 VND/liter; kerosene price increased by 289 VND/liter, to 22,753 VND/liter and mazut price increased by 375 VND/kg, to 16,613 VND/kg.
In this operating period, regarding the Petroleum Price Stabilization Fund in the face of world petroleum price developments and current regulations, the Ministry of Industry and Trade - Ministry of Finance decided not to set aside and not to use the Petroleum Price Stabilization Fund for all petroleum products.
Since the beginning of the year, gasoline prices have undergone 30 adjustments, including 17 increases, 9 decreases, and 4 unchanged.
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