In the first trading session of the week, gasoline prices maintained a slight decline. Accordingly, both benchmark oils lost about 20 cents, US WTI oil price traded at 75.3 USD/barrel; The global benchmark Brent oil price is at 79.5 USD/barrel.
Last week, although the two benchmark oil products only fluctuated slightly, Brent oil maintained its upward momentum but only at a modest level, inching up 2 cents; while WTI oil decreased slightly by 19 cents. However, market developments during the week showed that in many trading sessions, both Brent and WTI oil fluctuated strongly, with some sessions soaring by nearly 5%.
According to Reuters, in addition to crude oil imports in the Chinese market falling to the lowest level in nearly 2 years, oil inventories in the country also increased sharply and refining activities at factories decreased for the 4th consecutive month. .
According to Reuters calculations, the world's largest oil importer, China, added about 280,000 barrels of oil/day to its commercial or strategic reserves in July, down sharply from the 1.48% addition. million barrels/day in June. It is estimated that China's crude oil surplus is up to 800,000 barrels/day.
In the domestic market, talking to Lao Dong, a petroleum business in Hanoi said that in the next adjustment session (Thursday, August 22), gasoline prices are forecast to decrease simultaneously.
Of which, RON 95 gasoline is forecast to decrease by 410 VND/liter; E5 RON 92 gasoline is forecast to decrease by 350 VND/liter; DO oil is forecast to decrease by 290 VND/liter. The above forecast price does not take into account the executive agency's appropriation or use of the Petroleum Price Stabilization Fund . If the executive agency makes an appropriation, the gas price will decrease less or remain the same, but if it is used, the gas price will decrease more sharply.
Domestically, on August 20, the retail price of gasoline as announced by Petrolimex in market zone 1 (near the port, near the factory, near the warehouse...) is as follows: RON 95-V gasoline 22,430 VND/liter, RON gasoline 95-III 21,850 VND/liter, E5 RON92 gasoline 20,880 VND/liter, diesel oil 19,550 VND/liter, kerosene 19,570 VND/liter, fuel oil (wholesale price) 16,240 - 19,840 VND/kg.
