Domestic gasoline prices today may decrease, losing the mark of 25,000 VND/liter

Reply VTC NewsMr. Hoang Trung Dung, General Director of Additives and Petroleum Products Development Joint Stock Company predicted that domestic gasoline prices may cool down.

“Gasoline prices may decrease by 250 – 300 VND/liter, while diesel prices may decrease by about 700 – 750 VND/liter. In case the Ministry of Finance – Industry and Trade uses the stabilization fund, gasoline prices may decrease less or not at all. Mr. Dung said.

Similarly, Ms. Nguyen Thi Bich Huong, Director of a petroleum retail business in Hanoi also said that today’s gasoline price could decrease by 300 – 400 VND/liter, diesel price dropped to the highest level of 800 VND/liter.

Gasoline prices this afternoon are forecast to decrease slightly. (Illustration photo: Minh Duc)

The gasoline price forecast model of the Vietnam Petroleum Institute (VPI) shows that, in the operating period on April 25, retail gasoline prices (except fuel oil) are forecast to decrease sharply by 2.1 – 4.8% and the Ministry of Finance – Industry and Trade will not set aside or use the gasoline price stabilization fund.

Specifically, VPI forecasts that retail gasoline prices may decrease by 2.1%, equivalent to 501 – 542 VND/liter, to 23,719 VND/liter (E5 RON92) and 24,688 VND/liter (RON95). Diesel price may decrease by 1,033 VND to 20,407 VND/liter, kerosene price may decrease by 971 VND to 20,439 VND/liter. Fuel oil price alone is forecast to increase slightly by 0.4% to 17,277 VND/kg.

From the beginning of the year until now, gasoline prices have increased 9 times, decreased 5 times, and mixed 2 times. In the most recent operating period (April 17), retail prices of petroleum products were managed in the direction of increasing gasoline prices and decreasing oil prices (except fuel oil).

Specifically, E5 RON92 gasoline price increased by 378 VND/liter, not higher than 24,226 VND/liter, RON95 gasoline price increased by 416 VND/liter, not higher than 25,237 VND/liter.

Oil prices changed as follows: Diesel decreased by 164 VND/liter, not higher than 21,446 VND/liter; Kerosene price decreased by 178 VND/liter, not higher than 21,416 VND/liter and fuel oil price increased by 198 VND/kg, not higher than 17,206 VND/kg.

During this operating period, the executive agency decided not to appropriate or use the price stabilization fund for all goods.

On the international market, at 6:00 a.m. on April 25, Brent oil price was trading at 88.02 USD/barrel, down 0.42 USD compared to the previous session. WTI oil price is at 82.81 USD/barrel, down 0.55 USD.

Oil prices turned down amid investors’ concerns that geopolitical risks in the Middle East would impact supply.

Meanwhile, data from the US Energy Information Administration (EIA) shows that US crude oil inventories in the week ending April 19 decreased sharply by 6.4 million barrels to 453.6 million barrels, contrary to the previous report. contrary to analysts’ expectations of an increase of 825,000 barrels.

According to UBS analyst Giovanni Staunovo, the large decline in crude oil is a result of high crude exports. However, preliminary tanker tracking data this week showed lower exports. US business activity in April fell to a four-month low.

According to S&P Global, the provisional composite PMI, which tracks the manufacturing and services sectors, fell to 50.9 this month from 52.1 in March. The US central bank is expected to start interest rate cuts this year, which could boost economic growth and stimulate oil demand.