Gasoline prices today, June 21, due to the mixed developments of the world market, domestic prices are expected to increase slightly in the price adjustment period this afternoon. (Source: Vietnamnet)

Data from Oilprice shows that at 10:08 a.m. on June 20 (Vietnam time), Brent oil price fell to $76.02/barrel, down $0.07, or 0.09%, from the previous session. WTI oil price was at $70.79/barrel, down $0.99, or 1.38%, from the previous session.

At 4:34 p.m. on June 20 (Vietnam time), Brent oil price reached 77.13 USD/barrel, up 1.03 USD, equivalent to 1.35% compared to the previous session. Meanwhile, WTI oil price was traded at 71.92 USD/barrel, up 0.14 USD, equivalent to 0.2% compared to the previous session.

According to analysts, oil prices recovered when the market received support policies from China - the world's second largest crude oil consumer.

On June 20, the People's Bank of China (PBOC) adjusted down the 1-year prime lending rate from 3.65% to 3.55%; the 5-year prime lending rate from 4.3% to 4.2%. This is the first time in 10 months that the PBOC has cut these two interest rates, but the reduction is lower than market expectations.

Last week, the PBOC also cut short-term policy loans for the first time in 10 months.

China's rate cut comes after recent data showed the country's retail and manufacturing sectors struggled to maintain the momentum achieved earlier this year.

Last week, the Chinese government met to discuss measures to boost national economic growth.

Jorge Leon, senior manager of Rystad Energy Consulting (Norway), said the market will depend heavily on the Chinese economic situation in the second half of this year, along with the effectiveness of recently announced stimulus measures, plus the ability of the US and Europe to avoid recession amid rising interest rates.

The retail price of domestic gasoline on June 21 is as follows: RON 95-III gasoline price is 22,010 VND/liter, E5 RON 92-II gasoline price is 20,870 VND/liter. Diesel price is 18,020 VND/liter.

Although the world oil price has plummeted in the past two days due to uncertainty in demand from China, experts, key enterprises, and domestic retailers still predict that in the price adjustment session on June 21 of the Ministry of Finance - Industry and Trade, domestic oil prices will be adjusted up by about 100-200 VND/liter (kg), except for the price of fuel oil, which will decrease slightly. The adjustment level will depend on the allocation of the Oil Price Stabilization Fund and other adjusted fees, if any.

Since the beginning of the year, gasoline prices have undergone 17 adjustments, of which 9 have increased, 6 have decreased, and 2 have remained unchanged.

In the most recent adjustment (June 12), gasoline prices remained unchanged and oil prices increased slightly.