Fuel prices are forecast to drop significantly in tomorrow's price adjustment (August 8th).

On the global market, world oil prices recorded their fourth consecutive weekly decline last week, with Brent crude falling by $4.32 per barrel and WTI crude dropping by more than $3.64 per barrel. This week, after falling in the first trading session, world oil prices rebounded slightly in the second trading session.

According to data from Oilprice recorded in the early morning of August 7th (Vietnam time), Brent crude oil prices remained unchanged at $76.34 per barrel, while WTI crude oil prices fell 0.2% to $73.05.

Meanwhile, in the Singapore market, the average price of refined gasoline decreased significantly compared to the previous period. According to the latest data, as of August 6th, the price of RON 92 gasoline stood at $86.82/barrel, down $5.54; the price of RON 95 gasoline was $90.77/barrel, down $5.7; and the price of diesel was $93.42/barrel, down $4.29 compared to the previous price adjustment period (August 1st).

Based on global oil price trends, leaders of several petroleum businesses predict that domestic gasoline prices will decrease by approximately 680-740 VND/liter in tomorrow's price adjustment (August 8th), depending on the type.

With such a significant reduction, the price of RON 95 gasoline could fall below 22,000 VND/liter, equivalent to the price at the beginning of 2024. Diesel fuel is predicted to decrease less, at around 300 VND/liter.

If the Ministry of Industry and Trade and the Ministry of Finance draw from the Price Stabilization Fund, the price of gasoline is likely to decrease less significantly.

In other developments, a machine learning-based fuel price forecasting model developed by the Vietnam Petroleum Institute (VPI) indicates that gasoline and fuel oil prices will fall sharply by 3-4% in the upcoming price adjustment on August 8th if the Ministry of Finance and the Ministry of Industry and Trade do not allocate or utilize the Fuel 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 which will decrease by 1.7% to 19,535 VND/liter.

VPI forecasts that the Ministry of Finance and the Ministry of Industry and Trade will continue to neither allocate funds to nor utilize the fuel price stabilization fund this time around.

In the most recent price adjustment on August 1st, domestic gasoline and diesel prices were uniformly reduced. Notably, RON 95 gasoline saw its fourth consecutive price decrease, falling to around 22,600 VND/liter.

Specifically, the regulatory agency decided to reduce the price of E5 RON 92 gasoline by 284 VND per liter, with the new selling price being 21,616 VND/liter; RON 95 gasoline was reduced by 281 VND, with the new selling price being 22,603 ​​VND/liter.

Similarly, the prices of petroleum products were also adjusted downwards across the board, with diesel decreasing by 316 dong to 19,878 dong/liter; kerosene decreasing by 231 dong to 20,095 dong/liter; and fuel oil decreasing by 292 dong to a price not exceeding 16,886 dong/kg.

Also at the price adjustment meeting on the afternoon of August 1st, the regulatory agency decided not to allocate funds for petroleum products. Simultaneously, no funds were used for any petroleum products.

Since the beginning of 2024, domestic gasoline prices have undergone 31 adjustments, including 14 decreases, 14 increases, and 3 changes.