Tomorrow (August 8) is the time to regulate retail gasoline prices according to Decree 80/2023 amending and supplementing a number of articles of Decree 95 and Decree 83 of the Government on gasoline trading.

Domestic gasoline prices tomorrow (August 8) are forecast to decrease for the fifth consecutive time following world prices, RON 95 gasoline may fall below VND22,000/liter. Photo: Dinh Tuan

In the world market, world oil prices last week recorded the fourth consecutive week of decline, with Brent oil falling by 4.32 USD/barrel, and WTI oil falling by more than 3.64 USD/barrel. This week, world oil prices, after falling in the first trading session of the week, turned around and increased slightly in the second trading session.

According to data from Oilprice recorded in the early morning of August 7 (Vietnam time), Brent crude oil price was flat at 76.34 USD/barrel and WTI oil price decreased 0.2% to 73.05 USD.

In the Singapore market, the average price of finished gasoline in this period decreased significantly compared to the previous period. According to the latest updated data, as of August 6, the price of RON 92 gasoline stood at 86.82 USD/barrel, down 5.54 USD; the price of RON 95 gasoline was at 90.77 USD/barrel, down 5.7 USD; the price of diesel oil was at 93.42 USD/barrel, down 4.29 USD compared to the previous management period (August 1).

Based on the developments in world oil prices, leaders of some oil trading enterprises commented that domestic gasoline prices at the adjustment period tomorrow (August 8) are expected to decrease by about 680-740 VND/liter depending on the type.

With such a deep reduction, the price of RON 95 gasoline may fall below VND22,000/liter, equivalent to the price at the first operating session of 2024. Diesel is forecast to decrease less, at VND300/liter.

In case the Ministry of Industry and Trade - Ministry of Finance deducts from the Price Stabilization Fund, the gasoline price is likely to decrease less.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in the upcoming operating period on August 8, gasoline and fuel oil prices will decrease sharply by 3-4% if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the Petroleum Price Stabilization Fund.

Specifically, the price of E5 RON 92 gasoline may decrease by 737 VND to 20,837 VND/liter, while RON 95-III gasoline may decrease by 686 VND to 21,914 VND/liter; the price of fuel oil is forecast to decrease sharply by about 4% to 16,208 VND/kg, followed by kerosene which is forecast to decrease by 1.8% to 19,726 VND/liter, and diesel oil which will decrease by 1.7% to 19,535 VND/liter.

VPI predicts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this time.

In the most recent adjustment period on August 1, domestic gasoline prices were simultaneously adjusted down. Notably, RON 95 gasoline had its fourth consecutive decrease, down to around VND22,600/liter.

Specifically, the regulatory agency decided to reduce 284 VND per liter of E5 RON 92 gasoline, the new selling price of this item is 21,616 VND/liter; RON 95 gasoline decreased 281 VND, the new selling price is 22,603 ​​VND/liter.

Similarly, the prices of oil products were also adjusted down, with diesel down 316 VND, the new selling price is 19,878 VND/liter; kerosene down 231 VND, the new selling price is 20,095 VND/liter; mazut down 292 VND, the selling price is not higher than 16,886 VND/kg.

Also at the management session on the afternoon of August 1, the management agency decided not to set aside funds for petroleum products. At the same time, it did not use the fund for all petroleum products.

Since the beginning of 2024, domestic gasoline prices have undergone 31 adjustment sessions, including 14 decreases, 14 increases and 3 opposite sessions.