VPI forecasts that gasoline prices will continue to decrease in the operating period tomorrow, May 8.

Buying and selling gasoline and oil at Petrolimex gasoline business points. Illustration photo: Tran Viet/VNA

According to Mr. Doan Tien Quyet, data analysis expert of VPI, the gasoline price forecasting model applying the Artificial Neural Network (ANN) model and the supervised learning algorithm in Machine Learning of VPI predicts that the retail price of E5 RON 92 gasoline may decrease by 613 VND (3.2%) to 18,537 VND/liter, while RON 95-III gasoline may decrease by 636 VND (3.2%) to 18,944 VND/liter.

VPI's model predicts that retail oil prices this period will also tend to decrease by more than 4%, specifically diesel may decrease by 4.1% to VND16,647/liter, kerosene may decrease by 4.6% to VND16,752/liter, and fuel oil may decrease by 4.1% to VND15,526/kg. VPI predicts that the Ministry of Finance - Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

In the world market, world oil prices increased by about 3% in the trading session on May 6 (US time), in which Brent crude oil futures increased by 3.2% and closed at 62.15 USD/barrel; US light sweet crude oil (WTI) also increased by 3.4% and closed at 59.09 USD/barrel. Both types of oil rebounded after recording the lowest closing price since February 2021 on May 5, due to the decision of the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producers (OPEC+ group) to increase production for the second consecutive month.

The slight recovery in oil prices today seems to be more technical than fundamental, said Yeap Jun Rong, market strategist at IG. According to him, major headwinds such as OPEC+'s production strategy change, uncertain demand due to the risk of tariffs from the US, and the reduction of oil price forecasts continue to put pressure on the overall price trend.

World oil prices reversed to increase on May 6, partly due to China - the world's largest oil importer - returning to the market after a five-day holiday from May 1, while tensions in the Middle East and "bottom fishing" activities emerged after prices fell to their lowest level since February 2021 on May 5.

Additionally, lower oil prices in recent weeks have prompted several US energy companies such as Diamondback Energy and Coterra Energy to announce cuts to some rigs, which over time should boost oil prices as production falls.

According to the latest forecast on May 5, 2025 by Barclays Bank, Brent oil prices in 2025 will fall to $70/barrel (down $4 from the previous forecast) amid escalating trade tensions and OPEC+ changing production strategy.

Source: https://baothainguyen.vn/kinh-te/202505/vpi-du-bao-gia-xang-dau-tiep-tuc-giam-trong-ky-dieu-hanh-ngay-mai-85-be00f22/