Gasoline prices may decrease by 2.7 - 3%

According to a survey at 7:56 a.m. on March 6 (Vietnam time), WTI oil price increased by 0.16 USD/barrel (up 0.24%), to 66.47 USD/barrel. Brent oil price decreased by 1.68 USD/barrel (down 2.36%), down to 69.36 USD/barrel.

Oil prices have maintained stability for the fourth consecutive session on Wednesday after US crude oil reserves increased higher than expected. This situation has further troubled investors as they are concerned about OPEC+'s plan to increase production in April and US tariffs on Canada, China and Mexico.

Oil prices have recovered somewhat after US Secretary of Commerce Howard Lutnick told Bloomberg TV that President Trump will soon make a final decision on whether to cut taxes on certain industries.

While Lutnick said the 25% tariffs on Canada and Mexico will remain, the currently being considered for a easing measure would remove the 10% tariffs on imported energy products from Canada.

For example, crude oil and gasoline, which comply with the rules of origin under the US-Mexico-Canada Agreement, a source familiar with the discussions said.

The Energy Information Administration (EIA) said US crude oil reserves increased more than expected last week due to maintenance activities at seasonal refineries. While the reserves of gasoline and distillate products have decreased due to increased exports.

The EIA said that crude oil inventories increased by 3.6 million barrels to 433.8 million barrels last week, far exceeding analysts' expectations in a Reuters poll on an increase of 341,000 barrels.

The gasoline price forecasting model using machine Learning of the Vietnam Petroleum Institute (VPI) shows that in today's operating period, March 6, gasoline prices may decrease sharply by 2.7 - 3% if the Ministry of Finance - Industry and Trade does not set aside or use the Petroleum Price Stabilization Fund.

According to Mr. Doan Tien Quyet, VPI's data analysis expert, the gasoline price forecast model using the Artificial Neural Network (ANN) model and the Supervised Learning algorithm in VPI's machine Learning predict that the retail price of E5 RON 92 gasoline can decrease by VND 611 (3%) to VND 20,039/liter. RON 95-III gasoline may decrease by VND570 (2.7%) to VND20,540/liter.

VPI's model forecasts that retail oil prices this period will also share a decrease, in which kerosene may decrease by 3.8% to VND18,595/liter, diesel may decrease by 3.4% to VND18,306/liter, and mazut may decrease by 0.9% to VND17,452/kg.

VPI forecasts that the Ministry of Finance - Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.