Gasoline prices are expected to continue to increase on May 22.
According to forecasts from key businesses, domestic gasoline prices on May 22 are likely to be adjusted up slightly by 130 - 180 VND/liter if the Price Stabilization Fund is not used.
On the contrary, diesel prices may decrease slightly by 170 - 220 VND/liter. This will be the second consecutive increase after the adjustment on May 15.
In the previous adjustment period (May 15), the price of RON 95 gasoline increased by VND420/liter to VND19,590/liter, while E5 RON 92 increased by VND410/liter to VND19,180/liter. Diesel oil price also increased by VND420/liter to VND17,220/liter. If the price continues to increase tomorrow, the domestic gasoline price will still remain at the lowest level in 4 years.
Consumers need to closely monitor tomorrow's adjustment period because gasoline prices not only affect the cost of living but are also one of the factors indirectly affecting inflation and consumer goods prices.
The main reason for the upward trend in gasoline prices is that world oil prices have recorded a second consecutive week of increase. At the end of last week, Brent crude stood at $65.41/barrel and WTI at $62.49/barrel.
Prices rose on positive news from the 90-day tariff truce between the US and China, as well as obstacles in the US-Iran nuclear talks.
However, world oil prices are still fluctuating with many fluctuations. In the morning trading session on May 21, Brent oil continued to increase to 66.35 USD/barrel, while WTI oil decreased slightly to 62.56 USD/barrel, reflecting the instability in the market outlook.
