In the 4th trading session on February 26, world crude oil prices on world crude oil exchanges such as TradingEconomics and Oilprice suddenly plummeted, after two recovery sessions.
WTI oil was traded at 69.05 USD/barrel, down 1.7 USD/barrel, equivalent to a decrease of 2.39% compared to yesterday. Meanwhile, Brent oil traded at 73.12 USD/barrel, down 1.6 USD/barrel, equivalent to a decrease of 2.15%.
According to Reuters, oil prices plummeted due to the influence of US President Donald Trump's foreign policy as he had to balance between efforts to promote peace in Ukraine, a tariff war with former allies and increased sanctions against Iran.
Tamas Varga, an oil brokerage at PVM, said Trump's peace deal with Moscow had stipulated the lifting of sanctions on Russia, which could welcome unrestricted Russian supply back to the market.
In addition, President Donald Trump said he would impose tariffs on imports from Canada and Mexico scheduled for March 4. Analysts say the tariffs will be detrimental to global oil demand growth.
The gasoline price forecasting model using machine Learning of the Vietnam Petroleum Institute (VPI) shows that in the upcoming adjustment period on February 27, gasoline prices may decrease by 0.6 - 1.9% 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 model ( sp) and the supervised learning algorithm (Supervised Learning) in VPI predicts that retail price of E5 RON 92 gasoline may decrease by 388 VND (1.9%) to 20,462 VND/liter, while RON 95-III gasoline may decrease slightly by 0.6% to 21,202 VND/liter.
VPI's model predicts that diesel prices may increase slightly by 0.2% to VND19,589/liter, mazut may increase by 0.9% to VND17,754/kg, while kerosene may decrease slightly by 0.2% to VND19,567/liter.
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.
Domestic retail prices of gasoline and oil on February 26, 2025 are applied according to the adjustment session from 3:00 p.m. on February 20 of the Ministry of Finance - Ministry of Industry and Trade:
E5 RON 92 gasoline is not more than 20,855 VND/liter.
RON 95-III gasoline is not more than VND 21,311/liter.
Diesel oil is not more than VND 19,063/liter.
Kerosene is not more than VND19,513/liter.
Fuel oil is not more than 17,596 VND/kg.
