VPI forecasts gasoline prices to decrease slightly in the management period of July 31

Buying and selling gasoline at a Petrolimex gas station on Tran Hung Dao Street, Hanoi. Photo: Le Dong/VNA

According to Mr. Doan Tien Quyet, data analysis expert of VPI, the gasoline price forecasting model applying artificial neural network (ANN) model and supervised learning algorithm in VPI's machine learning forecasts that the retail price of E5 RON 92 gasoline may only decrease by 170 VND (0.9%) to 19,100 VND/liter, while RON 95-III gasoline may only decrease by 162 VND (0.8%) to 19,538 VND/liter.

VPI's model also forecasts that prices will increase or decrease insignificantly this period. Specifically, diesel may increase by 0.3% to VND19,179/liter, kerosene may increase by 0.5% to VND18,717/liter, while fuel oil may decrease by 0.2% to VND15,347/kg. VPI forecasts that the Ministry of Finance and Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

On the world market, at the end of the session on July 29, Brent oil futures increased by 3.53% to 72.51 USD/barrel, while US WTI oil price increased by 3.75% to 69.21 USD/barrel.

World oil prices increased due to many factors, including the US and China negotiating to resolve long-standing economic disputes and cool down the trade war between the world's two largest economies.

Also supporting oil prices was a trade deal between the United States and the European Union (EU) that helped avoid a full-blown trade war between the two major allies, which could have affected nearly a third of global trade and dented fuel demand forecasts.

The US-EU trade deal also requires the EU to buy $750 billion in US energy over the next three years, something analysts say the bloc is unlikely to be able to meet, while European companies will invest $600 billion in the US during Mr Trump's term. In the US, crude oil inventories rose by 1.54 million barrels last week. The US Energy Information Administration is due to release weekly inventory data on July 30.