Forecast of sharp increase in gasoline prices next week

According to a survey at 15:05 on June 13 (Vietnam time), WTI oil price increased by 4.07 USD/barrel (up 5.98%), to 72.11 USD/barrel. Brent oil price increased by 3.9 USD/barrel (up 5.62%), to 73.26 USD/barrel.

World oil prices recorded the biggest one-day fluctuations since 2022, when the Russia-Ukraine conflict broke out. The reason comes from Israel's new military action targeting Iran's nuclear facilities, missile plants and military leaders. Israel said this was the beginning of a long-term campaign to prevent Iran from possessing nuclear weapons.

Amarpreet Singh from Barclays warned that the market is in an alarming state, although up to this point, oil production has not been affected. He noted that if the conflict spreads to other major producing countries or affects the transportation industry, the consequences will be much more serious. The increase of 10 USD/barrel in the past three days did not reflect any actual decline in supply from Iran, nor did it take into account the risk of disruption in the Strait of Hormuz.

According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the price adjustment period this afternoon, retail prices of gasoline may increase sharply.

In particular, the price of RON 95 - III gasoline is forecast to increase by about 400-600 VND/liter; E5 RON 92 - II gasoline increases by about 300-500 VND/liter; Diesel increases by about 350-550 VND/liter.