Gasoline price today October 11, 2024: Gasoline price increased by more than 21,000 VND/liter

World oil prices

According to the latest data from TradingEconomics and Oilprice, WTI crude oil price reached 75.7 USD/barrel at 6:35 am on October 11 (Vietnam time), up 2.5 USD/barrel, or 3.4%.

Brent oil price also increased, reaching 79.3 USD/barrel, up 2.7 USD/barrel, equivalent to an increase of 3.5% compared to the previous day.

On average, the prices of the two main oil benchmarks, WTI and Brent, increased by 12.4% compared to the previous month. The increase on October 11 could be attributed to the high fuel demand in the United States ahead of Hurricane Milton and concerns about the tension between Israel, Iran and Lebanon.

Hurricane Milton has caused a gasoline shortage in Florida, leaving a quarter of gas stations empty. Widespread power outages in Florida could impact energy supplies later this week.

Tensions in the Middle East are being closely watched, especially after Israel's defense minister said he could attack Iran. Iran is a member of OPEC, producing about 4 million barrels of oil a day by 2023.

Gulf states are trying to persuade the US to stop Israel from attacking Iran, fearing their oil facilities could be targeted.

China, the world's second-largest oil consumer, is proposing new laws to boost the private sector, aiming to boost investor confidence.

The US market is betting that the Federal Reserve (Fed) could cut interest rates in November, which could help reduce borrowing costs and boost oil demand.

Domestic gasoline prices

Regarding today's gasoline prices in the domestic market, the Ministry of Finance - Ministry of Industry and Trade jointly decided to adjust the retail price of gasoline products to the highest level of more than 1,200 VND/liter in yesterday's session, October 10.

E5RON92 gasoline price increased by VND996/liter compared to the current base price with retail price of VND19,846/liter;

RON95-III gasoline increased by more than 1,258 VND/liter, retail price 21,061 VND/liter.

Prices of all types of oil also tend to increase sharply, in which diesel 0.05S increased by more than VND 1,099/liter, retail price VND 18,500/liter;

Kerosene increased by 1,139 VND/liter compared to the current base price, retail price is 18,790 VND/liter;

Mazut oil 180CST 3.5S increased by 908 VND/kg compared to the current base price, retail price is 15,911 VND/kg.

This year, gasoline prices have increased and decreased 20 times, while oil prices have increased 17 times and decreased 23 times. There has been no change in the allocation of the Petroleum Price Stabilization Fund compared to previous periods.

By the end of the second quarter, the Petroleum Price Stabilization Fund had more than 6,000 billion VND left, a decrease of 600 billion compared to the end of 2023. Fuel prices increased last week due to the impact of a major storm in the US and concerns about the military situation in the Middle East.

Finished gasoline prices increased by an average of 7% to 7.9%, and oil prices increased by 5.2% to 7.4%. The price per barrel of RON 95 gasoline is currently 88.2 USD, diesel is nearly 90 USD, and fuel oil is 455.6 USD per ton.