Gasoline price today August 21, 2024: Continued sharp decline
Oil prices today, August 21, around the world continued to fall for the third consecutive day this week. A series of unfavorable news will hardly stop the downward trend of oil prices this week.
World oil prices today
As of 6:49 a.m. this morning (Vietnam time), WTI crude oil price had dropped to 73.116 USD/barrel, down 0.74%, while Brent oil price was 77.129 USD/barrel, down 0.68% compared to yesterday.
This is the third consecutive decline this week, with WTI and Brent crude oil prices falling 6.67% and 6.35% respectively compared to the previous month. Compared to the same period last year, WTI crude oil prices fell 8.26% and Brent crude oil prices fell 7.81%.
Brent crude futures fell to $77 a barrel, down more than 2.5%, on hopes of a ceasefire in the Middle East.
Geopolitical issues in the Middle East and the outlook for demand from China are affecting energy markets.
US crude oil inventories are expected to have fallen by 2.9 million barrels last week, according to a Reuters survey.
Concerns about China's economic situation have weighed on oil prices, with the economy continuing to shrink after the second quarter, house prices falling the most in nine years, industrial output and export growth slowing, and unemployment rising.
OPEC+ expressed the view that global oil demand needs to increase rapidly in the coming months for the market to be able to absorb the planned increase in supply from October.
Domestic gasoline prices today
Domestic gasoline prices today are currently trading at the following specific levels:
- Retail price of E5 RON 92 gasoline is not more than 20,882 VND/liter
- Retail price of RON95-III gasoline is not more than VND 21,852/liter.
- Retail diesel price is not more than 19,230 VND/liter.
- Retail price of kerosene is not more than 19,572 VND/liter.
- Fuel oil price is not more than 16,245 VND/kg.
The Vietnam Petroleum Institute (VPI) has developed a model to forecast gasoline prices using Machine Learning technology.
It is expected that in the operating period on August 22, the price of gasoline may decrease slightly from 0.4% to 1.5%. This will happen if the Ministry of Finance and the Ministry of Industry and Trade decide not to use the Gasoline Price Stabilization Fund.
The forecasting model uses artificial neural networks (ANN) and supervised learning algorithms in Machine Learning.
- E5 RON 92 gasoline price is expected to decrease by VND254, down to VND20,626/liter.
- RON 95-III gasoline is expected to decrease by VND333, down to VND21,517/liter.
- Fuel oil price is expected to decrease by about 1.1%, down to 16,061 VND/kg.
- Diesel oil is expected to decrease by 0.8% to VND19,083/liter.
- Kerosene is expected to decrease by 0.4% to VND19,501/liter.
Forecasts show that the Ministry of Finance and Industry and Trade may not use the Price Stabilization Fund in this operating period.
