Gasoline prices are forecast to continue rising on May 22nd.
According to forecasts from leading fuel distributors, domestic gasoline prices on May 22nd are likely to be slightly adjusted upwards by 130-180 VND/liter if the Price Stabilization Fund is not used.
Conversely, diesel prices may decrease slightly by 170-220 VND/liter. This would be the second consecutive increase following the price adjustment on May 15th.
In the previous price adjustment (May 15th), the price of RON 95 gasoline increased by 420 VND/liter to 19,590 VND/liter, while E5 RON 92 increased by 410 VND/liter to 19,180 VND/liter. Diesel fuel prices also increased by 420 VND/liter to 17,220 VND/liter. If prices continue to rise tomorrow, domestic gasoline prices will remain at their lowest level in four years.
Consumers need to closely monitor tomorrow's price adjustment because fuel prices not only affect the cost of living but are also one of the factors indirectly impacting inflation and the prices of consumer goods.
The main reason for the upward trend in gasoline prices is that world oil prices have recorded their second consecutive week of increases. At the end of last week, Brent crude stood at $65.41 per barrel and WTI at $62.49 per barrel.
Prices rose due to positive news from the 90-day tariff moratorium agreement between the US and China, as well as obstacles in US-Iran nuclear negotiations.
However, world oil prices are still fluctuating with significant volatility. In the morning trading session on May 21st, Brent crude continued to rise to $66.35 per barrel, while WTI crude fell slightly to $62.56 per barrel, reflecting the uncertainty in the market outlook.
