Gasoline prices this afternoon are expected to continue to be adjusted up.

Gasoline prices are expected to increase by around 350 - 550 VND/liter.

According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may increase and oil prices may decrease.

Of which, the price of RON 95-III gasoline is forecast to increase by about 350 - 450 VND/liter; E5 RON 92-II gasoline will increase by about 450 - 550 VND/liter; Diesel oil will decrease by about 300 VND/liter.

Meanwhile, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) shows that in the management period this afternoon, August 28, retail gasoline prices may continue to increase by 1.1 - 2.5%, while retail oil prices are forecast to decrease by 1.5 - 1.6% compared to the previous management period, if the Ministry of Finance - Industry and Trade does not set aside or use the Petroleum Price Stabilization Fund.

VPI forecasts that the retail price of E5 RON 92 gasoline may increase by VND487 (2.5%) to VND19,947/liter, while RON 95-III gasoline may increase by VND221 (1.1%) to VND20,311/liter.

VPI's model predicts that oil prices will tend to decrease in this period. Specifically, kerosene prices may decrease by 1.6% to VND17,534/liter, diesel may decrease by 1.5% to VND17,632/liter, and fuel oil may decrease by 1.5% to VND15,039/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 time.

If forecasts are correct, domestic gasoline prices will increase for two consecutive sessions. Currently, this fuel price is at a low level in more than 4 years, equivalent to June 2021.

At the adjustment session on the afternoon of August 21, the price of E5 RON92 gasoline increased by 110 VND/liter, not higher than 19,464 VND/liter. The price of RON95 gasoline increased by 208 VND/liter, not higher than 20,092 VND/liter.

On the contrary, the prices of all types of oil decreased simultaneously: Diesel oil decreased by 172 VND/liter, not higher than 17,905 VND/liter. Kerosene price decreased by 206 VND/liter, not higher than 17,814 VND/liter and fuel oil price decreased by 152 VND/kg, not higher than 15,116 VND/kg.

In this operating period, the management agency continues to not set aside or spend the gasoline price stabilization fund.

Since the beginning of the year, domestic gasoline prices have gone through 33 adjustment sessions, of which 13 decreased, 14 increased and 6 were mixed.

Also in this adjustment period, the price of E10 gasoline was adjusted for the third time since it was first sold in Ho Chi Minh City, Hanoi and Hai Phong on August 1. Accordingly, from 3:00 p.m. on August 21, the retail price of E10 gasoline was VND19,840/liter (an increase of VND180/liter).

Thus, the price of E10 gasoline is 380 VND/liter higher than E5 gasoline and 250 VND/liter lower than RON95 mineral gasoline.

At 6:00 a.m. on August 28, the price of WTI oil was at 63.78 USD/barrel, down 0.37 USD/barrel, while the price of US Brent oil was at 67.20 USD/barrel, down 0.01 USD/barrel.

World oil prices continued to fall slightly due to data showing a sharper-than-expected drop in US crude inventories, along with potential impacts from the US imposing new tariffs on India.

PV (synthesis)

Source: https://baohaiphong.vn/gasoline-price-this-afternoon-will-continue-to-increase-519299.html