Domestic Gasoline Prices Forecast to Fluctuate in Opposite Directions

The upcoming adjustment period on September 19 is expected to bring changes to domestic gasoline prices, with gasoline prices likely to increase by 180-320 VND/liter, while diesel prices may decrease by about 120-230 VND/liter.

The world market has seen oil prices record their first weekly increase after three weeks of decline. Brent oil prices rose by about 0.8%, while WTI oil prices increased by about 1.4% last week.

Oil prices continued to rise in the first two trading sessions of the week, with Brent oil prices increasing by 2% on September 16, and world oil prices rising by more than 1% on September 17. This increase is attributed to supply disruptions and traders betting on increased demand if the US Federal Reserve cuts interest rates.

However, world oil prices decreased slightly at the beginning of the trading session on September 18, following data that showed US gasoline and oil inventories increased. As of 9:12 a.m. on September 18 (Vietnam time), Brent oil was trading at $73.43 per barrel, down 0.37% from the previous session, while WTI oil was at $70.93 per barrel, also down 0.37% from the previous session.

Imported gasoline prices in the Singapore market have increased slightly compared to the previous period. Based on these developments, some oil businesses predict that domestic oil prices may fluctuate in opposite directions at the adjustment period on September 19.

Oil and gas companies forecast that if the regulatory agency does not affect the Oil and Gas Price Stabilization Fund, domestic gasoline prices could increase by VND180-320 per liter, while diesel prices may decrease by VND120-230 per liter.

In the most recent gasoline price adjustment period on September 12, the prices of gasoline and oil were adjusted downward by the Ministry of Industry and Trade – Ministry of Finance. The price of E5 gasoline decreased by VND1,080/liter, selling at VND18,890/liter, while the price of RON 95 gasoline decreased by VND1,190/liter, selling at VND19,630/liter.

Similarly, diesel prices were adjusted down by VND930/liter, selling at VND17,160/liter, and kerosene prices decreased by VND930/liter, selling at VND17,790/liter.