Tomorrow (October 24) is the date for retail gasoline price management according to Decree 80/2023.

In the world market, oil prices last week recorded a shocking weekly decline. Overall, Brent oil prices fell more than 7% to 73.06 USD/barrel, while WTI oil prices fell approximately 8% to 69.22 USD/barrel.

But this week, oil prices increased consecutively in the first two trading sessions of the week, with an increase of about 2% each session. Oil prices increased in the context of continuous fighting in the Middle East and the possibility of Israel retaliating against Iran, making investors worried about supply disruptions from this region.

At the beginning of the trading session on October 23, oil prices moved in opposite directions. According to data from Oilprice, at 8:52 a.m. on October 23 (Vietnam time), Brent oil price was at 75.74 USD/barrel, down 0.39%; WTI oil price was at 72.09 USD/barrel, down 2.17% compared to the previous session.

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Gasoline prices are expected to decrease. Photo: Hoang Ha

In the Singapore market, the average price of refined gasoline decreased slightly compared to the previous period.

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the October 23 adjustment period may be slightly adjusted down.

If the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by 70-120 VND/liter. Diesel prices could fall by 330-380 VND/liter.

In case the regulatory agency draws from the Petroleum Price Stabilization Fund, the gasoline price may decrease less or remain the same.

If the above forecast is correct, domestic gasoline prices will have a second consecutive decrease.

In the most recent adjustment period (October 17), the prices of all types of gasoline and oil were jointly adjusted downward by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the price of E5 gasoline was adjusted down by 110 VND/liter, to 19,730 VND/liter. The price of RON 95 gasoline was also reduced by 110 VND/liter, to 20,960 VND/liter.

Similarly, the price of diesel fuel was adjusted down by 180 VND/liter, to 18,320 VND/liter. The price of kerosene decreased by 170 VND/liter, to 18,620 VND/liter.

Fuel prices reverse course and fall, RON 95 drops below 21,000 VND/liter . Fuel prices in today's price adjustment (October 17th) reversed course and decreased after a sharp increase in last week's adjustment. The price of RON 95 gasoline fell below 21,000 VND/liter.