Gasoline price today 10/1/2024: Slight price increase

World oil prices

WTI and Brent crude oil prices on the international market on October 1 edged up slightly, with WTI at 68.286 USD/barrel (up 0.16%) and Brent at 71.822 USD/barrel (up 0.39%).

Compared to the previous month, world oil prices decreased, specifically WTI oil decreased by 7.81% and Brent oil decreased by 7.06%, and decreased by 21.68% and 19.36% compared to the same period last year.

Oil prices are at a three-year low as demand falls in major countries like China and the United States, while supply increases.

Oil prices were little changed despite concerns that conflict in the Middle East could reduce supply, as global demand weakens.

Tensions in the Middle East have been high with Israeli airstrikes on Hezbollah and Hamas in Lebanon and Houthi targets in Yemen, all of which are supported by Iran.

Economists Tim Snyder and Jim Ritterbusch both expressed their views on the conflict situation in the Middle East and Saudi Arabia's decision to increase oil production, affecting the oil market.

Latest data from China showed the country's manufacturing and services activity contracted in the final month of the third quarter of 2024, the fifth consecutive month of decline.

Domestic gasoline prices today

On September 26, gasoline prices were adjusted to reflect changes in the international market.

In this adjustment, the Ministry of Industry and Trade and the Ministry of Finance decided not to use the Price Stabilization Fund to intervene in the prices of E5RON92 gasoline, RON95 gasoline, diesel, kerosene and fuel oil.

Retail prices of gasoline on October 1 are as follows:

- Retail price of E5 RON 92 gasoline is not more than 19,620 VND/liter

- Retail price of RON95-III gasoline is not more than 20,518 VND/liter.

- Retail diesel price is not more than 17,506 VND/liter.

- Retail price of kerosene is not more than 17,870 VND/liter.

- Fuel oil price is not more than 15,350 VND/kg.

On September 30, PVOIL introduced the PVOIL 4U application, a new app for individual customers to buy gasoline. This application allows customers to buy gasoline at more than 900 PVOIL and Comeco stores nationwide.

Previously, PVOIL developed the PVOIL Easy application for transportation businesses and PVOIL B2B for wholesale customers.

PVOIL 4U provides many utilities such as transaction management, store search, vehicle management, checking fines and buying car insurance. In particular, the application also has the feature of giving gasoline vouchers and credit services to buy gasoline from the bank.

PVOIL cooperates with HDBank to provide a service of buying gasoline first, paying later with a credit limit of up to 1 million VND. Customers can register for this service without having to prove their income, just providing personal information and a photo of their citizen ID.

The payment deadline to the bank is 45 days after purchasing gasoline, and interest will apply if payment is overdue.