On July 17, Brent oil price traded at 83.73 USD/barrel, down 1.12 USD compared to the previous session. WTI oil price is at 80.76 USD/barrel, down 1.15 USD/ounce.
In the Singapore market, in the past period, the average price of finished gasoline in this market decreased slightly compared to the previous period.
Oil prices fell due to concerns that the Chinese economy was slowing down, putting pressure on demand. China is the world's leading oil importer.
Data from China's National Bureau of Statistics shows that in the second quarter, the country's GDP increased by 4.7%. This is the lowest level since the first quarter of 2023 and lower than analysts' forecast of a 5.1% increase. China's economic growth momentum in the second quarter declined due to the prolonged crisis in the real estate sector. In June, China's oil refining output decreased by 3.7% compared to the same period last year.
Regarding the domestic market, petroleum businesses predict that if the executive agency does not impact the Petroleum Price Stabilization Fund , the domestic gasoline price in the adjustment session tomorrow afternoon (Thursday, July 18) may reduced from 130-160 VND/liter. Diesel prices are expected to decrease by 320-380 VND/liter.
In the event that the Ministry of Finance - Industry and Trade jointly appropriates the Price Stabilization Fund, gasoline prices are likely to decrease less. If the above forecast is correct, domestic gasoline products will decrease for the second time in a row.
In another development, the gasoline price forecast model applying Machine Learning of the Vietnam Petroleum Institute (VPI) shows that in tomorrow's operating period (July 18), retail gasoline prices in this operating period may decrease. slightly from 134 - 162 VND, bringing E5 RON 92 gasoline price to 22,117 VND/liter and RON 95-III gasoline price to 23,156 VND/liter.
VPI's model predicts that this period diesel retail prices will decrease by 0.7% to VND 20,680/liter, kerosene prices will decrease by 1.1% to VND 20,795/liter, fuel oil prices are forecast to decrease by 0.7 % to 17,647 VND/kg.
Previously, on July 11, the price of E5 RON92 gasoline decreased by 179 VND/liter, not higher than 22,282 VND/liter. RON95 gasoline price decreased by 258 VND/liter, not higher than 23,294 VND/liter.
Diesel price decreased by 342 VND/liter, down to 20,834 VND/liter. Kerosene price decreased by 178 VND/liter, not higher than 21,038 VND/liter. The price of fuel oil alone increased by 250 VND/kg, not higher than 17,784 VND/kg.
