Fuel prices continue to drop and should drop for the second consecutive time

tomorrow (May 7, 2025) is the time to regulate the retail prices of petrol in accordance with decree 80/2023/ND-CP modifying and completing a certain number of articles in decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the government on the fuel trade.

This morning, at 8:55 am (Vietnam time), the price of crude oil WTI was exchanged at 59.55 USD/barrel, up 0.46 USD/barrel, an increase of 0.78% compared to the negotiation session of yesterday. The price of Brent oil was exchanged at 62.53 USD/barrel, up 0.38 USD/barrel, an increase of 0.61%.

Meanwhile, petrol prices on the Singapore market, updated on May 6, have shown a downward trend, but the decline is not significant. More specifically, the price of petrol Ron 95 is 74.97 USD/barrel, down more than 1.87 USD/barrel from 3 days ago; Ron 92 petrol is 73.46 USD/barrel, down more than 1.7 USD/Barrel. Consequently, petrol prices on the internal market should probably continue to decrease during the adjustment period of tomorrow.

Based on the development of world oil prices, some oil and gas companies believe that national oil and gas prices at the May 8 adjustment period should be adjusted to decrease depending on world prices.

More specifically, if the regulatory agency does not affect the oil prices stabilization fund, national petrol prices could decrease by around 430 to 520 VND/liter. Likewise, diesel prices should be adjusted down 630 to 780 VND/liter.

If the regulation body draws from the stabilization fund, petrol prices could drop less. If we base ourselves on forecasts, the prices of national petrol at 95 ron should drop for the second consecutive time. Currently, the price of this fuel has been at its lowest level for 4 years.

In another development, the pricing model of petrol prices based on automatic learning of the Vietnamese oil institute (VPI) declared that during the operating period of May 8, the retail price of petrol E5 Ron 92 could decrease by 613 VND (3.2%) to 18,537 VND/liter, while the Ron 95-III gasoline could decrease by 636 VND (3.2%) 944 VND/liter.

The VPI model predicts that retail oil prices during this period will also tend to drop by more than 4 %, in particular diesel could drop from 4.1 % to 16,647 VND/liter, kerosene could drop from 4.6 % to 16,752 VND/liter and Fioul could drop from 4.1 % to 15,526 VND/kg. The VPI provides that the Ministry of Finance, Industry and Commerce will continue not to put aside or use the oil price stabilization fund this time.

Previously, during the operating period of May 5, 2025 of the Ministry of Industry and Trade – Finance, the prices of petrol were adjusted downwards, in particular, the price of petrol E5 Ron 92 decreased by 84 VND/liter, up to 19 154 VND/liter; The price of petrol Ron 95 decreased by 52 VND/liter, reaching 19,586 VND/liter.

The price of diesel 0.05S decreased by 165 VND/liter, reaching 17,359 VND/liter; Kerosene decreased by 151 VND/liter, reaching 17,564 VND/liter; The price of Mazout oil 180cst 3.5S decreased by 326 VND/kg, to reach 16,19 of VND/kg.

During this operating period, the Ministry of Industry and Commerce – Ministry of Finance did not put aside or used the oil price stabilization fund for petroleum at 5 ron and 92 RON, 95 ron petrol, diesel, kérosene and fuel oil.