Forecast of deep drop in gasoline prices

According to a survey at 9:30 a.m. on May 8 (Vietnam time), WTI oil price increased by 0.36 USD/barrel (up 0.62%), to 58.43 USD/barrel. Brent oil price increased by 0.34 USD/barrel (up 0.56%), to 61.46 USD/barrel.

US Treasury Secretary Scott Bessent will meet with senior Chinese economic officials on May 10 in Switzerland to discuss the trade war that is having a major impact on the global economy. These two countries are the world's two largest economies and disruptions from their trade disputes are likely to slow down the growth rate of crude oil consumption.

In addition, the demand for oil consumption is showing signs of weakening. US gasoline reserves increased last week, raising concerns that consumption levels will no longer increase as expected as summer approaches.

In that context, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) also plans to increase oil production, creating further downward pressure on the global energy market.

For the domestic market, Mr. Doan Tien Quyet, data analysis expert of VPI, predicted that the retail price of E5 RON 92 gasoline could decrease by 613 VND (3.2%) to 18,537 VND/liter.RON 95-III gasoline could decrease by 636 VND (3.2%) to 18,944 VND/liter.

VPI's model predicts that retail oil prices this period will also tend to decrease by more than 4%.Of which, diesel may decrease by 4.1% to VND 16,647/liter, kerosene may decrease by 4.6% to VND 16,752/liter, and mazut may decrease by 4.1% to VND 15,526/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.