Will gasoline prices drop tomorrow?

(Dan Tri Newspaper) - Many businesses predict that domestic gasoline and diesel prices will decrease across the board in the price adjustment period on October 9th.

According to the plan, the Ministry of Industry and Trade and the Ministry of Finance will announce the new retail prices of gasoline and diesel on October 9th. The trend in import prices from Singapore suggests that domestic gasoline and diesel prices are likely to fall sharply.

The price is expected to decrease by 400-600 VND/liter.

According to the head of a major fuel distribution company in the South, following the previous price adjustment, world crude oil prices fell sharply as prospects for increased global supply increased. On October 7th, the import price of RON 95 gasoline in Singapore was $78.93/barrel, and RON 92 was $76.47/barrel, a decrease of nearly $1/barrel compared to seven days earlier.

Given these developments, it is predicted that domestic gasoline prices will decrease by approximately 450-600 VND/liter. Meanwhile, diesel prices may decrease by about 400-500 VND/liter.

The owner of a petroleum distribution business in the North also predicted that gasoline and diesel prices would decrease across the board in tomorrow's price adjustment. On October 7th, the discount on gasoline and diesel at some depots was between 1,600 and 1,900 VND/liter.

If the forecast is correct, domestic gasoline and diesel prices will decrease across the board after a slight increase. Since the beginning of the year, RON 95 gasoline has increased 23 times and decreased 18 times. Diesel has increased 21 times, decreased 18 times, and remained unchanged once.

In the most recent price adjustment on October 2nd, the price of E5 RON 92 gasoline increased by 10 VND/liter to 19,620 VND/liter; RON 95 gasoline increased by 40 VND/liter to 20,200 VND/liter. Diesel fuel increased by 380 VND/liter to 19,030 VND/liter, kerosene increased by 380 VND/liter to 19,000 VND/liter; and mazut increased by 170 VND/kg to 15,370 VND/kg.

Oil prices fall amid global oversupply pressure.

On the international market, oil prices continued to fall on October 7th as investors assessed that the increase in OPEC+ production (comprising member countries of the Organization of Petroleum Exporting Countries and 10 other producing countries) in November would be lower than expected, amid signs of potential oversupply.

According to Reuters, the Organization of Petroleum Exporting Countries (OPEC) will increase oil production by 137,000 barrels per day starting in November. In an official statement, OPEC forecast a stable global economic outlook and assessed that market fundamentals remain stable thanks to low oil inventories.

The Energy Information Agency (EIA) forecasts that US oil production this year will reach a record 13.53 million barrels per day, higher than its previous forecast of 13.44 million barrels per day. Global oil inventories are also projected to increase as non-OPEC+ countries boost production, putting downward pressure on prices.

The Daqing oil field in Heilongjiang province, China (Photo: Reuters).

JPMorgan reported that global oil inventories increased by 123 million barrels in September. China is accelerating the construction of oil reserves. Meanwhile, the Russia-Ukraine conflict continues to destabilize Russia's crude oil supply, impacting energy prices.

Investors are currently closely monitoring US oil inventory data. Phil Flynn, senior analyst at Price Futures Group, noted that the market is trading sideways, awaiting a reaction from the inventory levels.

According to Trading Economics data, at 0:50 AM on October 8th, WTI crude oil was trading at $61.54 per barrel, up 1.09% from the previous week. Brent crude oil also rose 1.13%, to $65.26 per barrel.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-ngay-mai-giam-20251008005527584.htm