On July 30, oil prices continued to decline from the previous week, with Brent oil prices falling by $1.35, equivalent to 1.7%, to $79.78 per barrel; WTI oil prices fell by $1.35, equivalent to 1.8%, to $75.81 per barrel.
Analysts believe that oil prices are maintaining their downward trend due to concerns that fuel consumption demand in China is declining more sharply than the escalating conflict in the Middle East.
According to Reuters, although tensions in the region raise concerns about supply impacts, signs indicate that the world's largest oil-producing region remains safe so far.
Given the global price trends, forecasts suggest that domestic fuel prices may continue to decrease in the price adjustment session on the afternoon of August 1.
According to a forecast from a fuel distribution business in Hanoi, in the upcoming adjustment session, the prices of RON 95 and E5 RON 92 gasoline are expected to decrease by 200 VND/liter; diesel prices are expected to decrease by 250 VND/liter. If this forecast is accurate, it will be the fourth consecutive decrease.
The above forecasted prices do not take into account the regulatory agency's implementation of setting aside or using the Fuel Price Stabilization Fund. If the agency sets aside funds, fuel prices are likely to remain unchanged compared to the previous adjustment period; if the Fund is used, fuel prices will decrease more significantly.
On the morning of July 30, retail fuel discounts, according to announcements from distributors and wholesalers, increased sharply. Discounts for diesel (picked up at warehouses in the southern region) approached 2,000 VND/liter, and gasoline discounts were 1,550 VND/liter.
Previously, from 3 PM on July 25, the price of E5RON92 gasoline was adjusted down by 274 VND/liter, not exceeding 21,900 VND/liter, and the price of RON95 gasoline was reduced by 294 VND/liter, not exceeding 22,884 VND/liter.
Diesel prices decreased by 310 VND/liter, not exceeding 20,194 VND/liter, kerosene prices decreased by 338 VND/liter, not exceeding 20,326 VND/liter, and mazut oil prices decreased by 433 VND/kg, not exceeding 17,178 VND/kg.
