RON 95-III gasoline price forecast to decrease, approaching 19,500 VND/liter

According to a survey at 9:33 a.m. on July 30 (Vietnam time), WTI oil prices decreased by 0.1 USD/barrel (down 0.15%), down to 66.61 USD/barrel. Brent oil price increased slightly by 0.06 USD/barrel (up 0.08%), to 71.74 USD/barrel.

For the domestic market, the gasoline price forecasting model using machine Learning of the Vietnam Petroleum Institute (VPI) shows that in the adjustment period on July 31, retail gasoline prices may decrease slightly. According to the forecast, it is possible to reduce 0.8 - 0.9% compared to the previous management period 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, data analysis expert of VPI, retail price of E5 RON 92 gasoline may decrease by about 170 VND (0.9%) to 19,100 VND/liter, while RON 95-III gasoline may decrease by only 162 VND (0.8%) to 19,538 VND/liter.

VPI's model also predicts that oil prices will increase and decrease slightly in this period. Accordingly, diesel may increase by 0.3% to VND19,179/liter, kerosene may increase by 0.5% to VND18,717/liter, while mazut may decrease by 0.2% to VND15,347/kg, remaining.

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.

A representative of a petroleum business also predicted that domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, retail prices of gasoline may decrease slightly.