VPI provides that petrol prices will continue to drop during the operating period tomorrow on May 8.

According to Mr. Doan Tien Quyet, expert in VPI data analysis, the price forecasting model for the artificial neural network model (ANN) and the supervised learning algorithm in Automatic VPI learning predicts that the retail price of petrol E5 Ron 92 could decrease by 613 VND (3.2 %) to 18,537 VND/liter, while 95-III could decrease by 636 VND (3.2 %) to 18,944 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.

On the world market, world oil prices increased by around 3 % during the May 6 negotiation session (United States time), during which Brent oil contracts increased by 3.2 % and closed USD/Barrel at 62.15; The price of light American crude oil (WTI) also increased by 3.4 % and closed USD/barrel at 59.09. The two -term gross contracts have rebounded after reaching their lowest closing level since February 2021 on May 5, following the decision of the organization of oil exporting countries (OPEC) and the main non -members of OPEC (OPEC+) to increase their production for the second consecutive month.

Mr. Yeap Jun Rong, market strategist at IG, said that the slight recovery in oil prices during this session seemed to come from technical factors rather than fundamental factors. According to him, major obstacles such as changes in OPEC+production strategy, demand for uncertain consumption due to the tariff risks of the United States and the decline in oil price forecasts continue to put pressure on the general price trend.

World oil prices have resumed their increase on May 6, partly due to the return of China – the world’s largest importer of oil – on the market after five days of vacation from May 1, while tensions in the Middle East and “backdrop” activities emerged after prices fell to their lowest level since February 5.

In addition, the drop in oil prices in recent weeks has prompted several American energy companies, such as Diamondback Energy and Coterra Energy, to announce discounts on certain platforms, which should ultimately increase oil prices as production decreases.

According to the latest Barclays Bank forecasts of May 5, 2025, Brent oil prices will fall at $ 70 a barrel in 2025 (down $ 4 compared to previous forecasts) in a context of climbing commercial tensions and change of OPEC+production strategy.