The Vietnam Petroleum Institute's (VPI) Machine Learning-based gasoline price forecasting model shows that, in the January 9 adjustment period, gasoline prices could increase by 0.7 - 2.7% if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the Petroleum Price Stabilization Fund.
According to Mr. Doan Tien Quyet, data analysis expert of VPI, the gasoline price forecasting model applying the Artificial Neural Network (ANN) model and the supervised learning algorithm in Machine Learning of VPI predicts that the retail price of E5 RON 92 gasoline may increase by 408 VND (2%) to 20,458 VND/liter, while RON 95-III gasoline may increase by 346 VND (1.7%) to 21,086 VND/liter.
VPI's model predicts that retail oil prices this period will also follow an upward trend, with diesel likely to increase by 2.7% to VND19,263/liter, kerosene likely to increase by 2.1% to VND19,218/liter, and fuel oil likely to increase by 0.7% to VND16,209/kg. VPI predicts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.
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, petroleum prices will continue to increase. Of which, gasoline prices will increase by about 300-400 VND/liter; oil prices will increase by about 540 VND/liter.
In the adjustment session on January 2, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND20,057/liter (up VND240/liter). The price of RON 95-III gasoline increased compared to the previous adjustment period, at VND20,746/liter (up VND199/liter).
Prices of petroleum products also increased simultaneously. Of which, diesel 0.05S is priced at 18,755 VND/liter (up 125 VND/liter); kerosene has a new price of 18,834 VND (up 126 VND/liter); fuel oil is priced at 16,099 VND/kg (up 129 VND/kg).
