Gasoline prices may decrease tomorrow

According to the plan, the Ministry of Industry and Trade - Ministry of Finance will announce the new retail price of gasoline on October 23. The price movement of imported gasoline from Singapore shows that domestic gasoline prices will likely decrease.

The leader of a key enterprise in the South said that after the previous management period, the world crude oil price dropped sharply to the lowest level since May, and has recently shown a recovery trend. On October 21, the import price of RON 95 gasoline in Singapore was at 77.65 USD/barrel, RON 92 was 74.87 USD/barrel, down nearly 1 USD/barrel compared to 7 days ago.

With this development, domestic gasoline prices are expected to decrease by about 200-250 VND/liter. Meanwhile, diesel prices may decrease more sharply by about 600-700 VND/liter.

The owner of a petroleum distribution company in the North also predicted that the price of petroleum will also decrease in the operating period tomorrow. On October 21, the discount on petroleum at some warehouses increased to 1,400-1,800 VND/liter.

If forecasts are correct, domestic gasoline prices will fall after a session of increases. Since the beginning of the year, RON 95 gasoline has increased 24 times, decreased 19 times. Diesel has increased 21 times, decreased 20 times and remained unchanged once.

In the most recent adjustment on October 16, the price of E5 RON 92 gasoline increased by VND90/liter to VND19,220/liter; RON 95 gasoline increased by VND180/liter to VND19,900/liter. Diesel oil decreased by VND180/liter to VND18,420/liter, kerosene decreased by VND30/liter to VND18,400/liter; fuel oil decreased by VND430/kg to VND14,370/kg.

In the international market, oil prices increased slightly in the trading session on October 21 as investors were reassessing the possibility of oversupply and waiting for new developments in the US-China trade tension.

Prices had hit their lowest since early May, as record US oil production and the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase supplies raised concerns about oversupply.

UBS bank expert Giovanni Staunovo told Reuters that although supply concerns have risen again, the oil market is in a state of oversupply but not yet in a crisis. "Oil prices will stabilize around current levels and may come under pressure if trade tensions escalate," he predicted.

Meanwhile, the US and China, the world's two largest oil consumers, have made some efforts to ease trade disputes. US President Donald Trump recently said he expected to reach a trade agreement with Chinese President Xi Jinping at a meeting scheduled in South Korea next week.

According to Trading Economics data, at 10:00 a.m. on October 22, WTI oil price was trading at $57.72/barrel, up 1.07% compared to last week. Brent oil price also increased 0.84%, to $61.79/barrel.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-ngay-mai-co-the-giam-20251022100530804.htm