Gasoline price today August 28, 2024: Domestic price forecast to continue to decrease
Oil prices today August 28, 2024: World oil prices increased slightly after data on US oil inventories decreased. Domestic oil prices may continue to decrease in the coming period.
World oil prices
As of 6:50 a.m. on August 28, 2024, WTI crude oil price reached 75.73 USD/barrel, a slight increase of 0.2 USD.
Brent oil price decreased by 1.88 USD to 79.55 USD/barrel, down 2.31%.
This discount is still within the normal adjustment range, according to experts from Ritterbusch and Associates.
In the US, consumer sentiment rose to a six-month high, but concerns about the job market increased after the unemployment rate rose to 4.3%. High unemployment could prompt the US Federal Reserve to cut interest rates, supporting economic growth and oil demand.
UBS Global Wealth Management said the risk of a US recession is 25%, higher than previously forecast.
Goldman Sachs cut its Brent oil price forecast for 2025 by $5, due to falling demand in China, with prices expected to average $77 a barrel.
Concerns about the US and Chinese economies weighed on oil prices, despite supply concerns from Libya and the Middle East. Oil prices rose on concerns about Libyan supply and tensions in the Middle East. Data from the American Petroleum Institute showed crude inventories fell by 3.4 million barrels, gasoline inventories fell by 1.86 million barrels and distillates fell by 1.4 million barrels.
Domestic gasoline prices
On August 28, 2024, domestic retail gasoline prices decreased according to the decision from the August 22 management session of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline price decreased by VND458 per liter, with the price not exceeding VND20,424 per liter.
RON95-III gasoline decreased by VND535 per liter, the maximum price is VND21,317 per liter.
Diesel oil decreased by 454 VND per liter, not exceeding 18,776 VND per liter.
Kerosene decreased by 423 VND per liter, with the price not exceeding 19,149 VND per liter.
Mazut oil 180CST 3.5S decreased by 489 VND per kg, maximum price is 15,756 VND per kg.
In this adjustment, the management agency decided not to set aside and not to use the Petroleum Price Stabilization Fund.
| Item | Price (VND/liter/kg) | Difference from previous period |
| E5 RON 92 gasoline | 20,424 | -458 |
| RON 95 gasoline | 21,317 | -535 |
| Diesel | 18,776 | -454 |
| Oil | 19,149 | -423 |
| Fuel oil | 15,756 | -489 |
Gasoline price forecast
The Vietnam Petroleum Institute (VPI) has developed a model to forecast oil prices using Machine Learning technology. It is expected that oil prices will decrease by 0.7% to 3.3% on August 29 if there is no adjustment from the Price Stabilization Fund.
This model uses artificial neural networks (ANN) and supervised learning algorithms to forecast prices.
- E5 RON 92 gasoline price may decrease by 348 VND, down to 20,072 VND/liter.
- RON 95-III gasoline price may decrease by 698 VND, down to 20,612 VND/liter.
- Diesel prices are expected to decrease by 1.2% to VND18,546/liter.
- Fuel oil price may decrease by 0.7% to 15,641 VND/kg.
- Kerosene price is expected to decrease by 0.1% to 19,123 VND/liter.
The Ministry of Finance and the Ministry of Industry and Trade will likely not use the Petroleum Price Stabilization Fund during this management period.