Forecast for tomorrow (July 21) gasoline and oil prices continue to decrease sharply

According to schedule, tomorrow (July 21), the Ministry of Finance - Industry and Trade will adjust gasoline prices periodically.

Data from the Ministry of Industry and Trade shows that,Gasoline priceThe average price on the Singapore market updated to July 18 decreased sharply compared to the previous price calculation period (July 11).

Gasoline prices continue to fall tomorrow.

Specifically, the average price of RON 92 gasoline (used to blend E5 RON 92 gasoline) on the Singapore market is 112.7 USD, the price of RON 95 gasoline is 117.4 USD/barrel. The average world oil price in the previous period was 128.7 USD/barrel for RON 92 gasoline; the price of RON 95 gasoline was 136.53 USD/barrel. Similarly, the prices of various types of oil on the Singapore market updated to July 18 also decreased.

AbovemarketGlobally, crude oil prices have recently shown a sharp downward trend. According to data from Oilprice, at 7:36 a.m. today (July 20, Vietnam time), Brent crude oil for September delivery was trading at $107/barrel, down $0.3, or 0.28%, from yesterday. At the same time, WTI crude oil for August delivery was trading at $104.2/barrel, up 1.58% from yesterday.

Last week, WTI oil prices fell to $95/barrel at times, while Brent oil prices fell below $100/barrel at times. Overall, Brent crude oil prices fell by more than 5.5% last week.

According to analysts, world oil prices have fallen sharply due to concerns about economic recession and falling demand despite supply being very scarce. In addition, the strong appreciation of the US dollar has also put pressure on oil prices.

Due to the downward trend in world gasoline prices last week, domestic retail gasoline prices in the adjustment period on July 21 may decrease sharply following world gasoline prices.

Leaders of some key enterprisesbusinessAccording to the Petroleum Department, domestic retail gasoline prices are about 2,600-3,000 VND/liter higher than the average finished gasoline price in the Singapore market, while domestic diesel and kerosene are also about 1,000-1,600 VND/liter higher.

Therefore, in the operating period tomorrow (July 21), if the management agency does not draw from the Petroleum Price Stabilization Fund, the reduction may be equivalent to the difference. Accordingly, the gasoline price may decrease by about VND2,600-3,000/liter, while the diesel price may also decrease by up to VND1,600/liter.

In case the management agency spends the Stabilization Fund, domestic gasoline and oil prices tomorrow (July 21) may decrease less.

If forecasted, domestic gasoline prices will decrease for the third consecutive time, bringing the price of E5 RON 92 gasoline to VND25,000/liter.

Since the beginning of the year, gasoline prices have undergone 18 price adjustments, including 13 increases and 5 decreases. The price of E5 RON 92 gasoline has increased by a total of VND4,621 per liter since the beginning of the year, while the price of RON 95 gasoline has increased by VND5,794 per liter.

In the most recent adjustment period (July 11), RON95 gasoline price decreased by VND3,090/liter, selling price was VND29,670/liter. E5 gasoline decreased by VND3,110/liter, selling price was VND27,780/liter. Diesel oil decreased by VND3,020/liter, selling price was VND26,590/liter./.