Gasoline price today October 11, 2024: Gasoline price increased by more than 21,000 VND/liter
Gasoline price today October 11, 2024: Domestic gasoline price increased by more than 21,000 VND/liter in the adjustment period on the afternoon of October 10.
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 crude oil benchmarks, WTI and Brent, rose 12.4% over the previous month. The increase on October 11 could be attributed to increased fuel demand in the United States ahead of Hurricane Milton and concerns about tensions between Israel, Iran and Lebanon.
Hurricane Milton has caused a gasoline shortage in Florida, US, with a quarter of gas stations there running out of stock. 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 was considering a possible attack on Iran. Iran is a member of OPEC, producing about 4 million barrels of oil per day by 2023.
Gulf states are trying to convince the US to stop Israel from attacking Iran, fearing that 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 expecting the Federal Reserve (Fed) to cut interest rates in November, which could help reduce borrowing costs and boost oil demand.
Domestic gasoline prices
Regarding gasoline prices today in the domestic market, the Ministry of Finance - Ministry of Industry and Trade 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 is 21,061 VND/liter.
Oil prices also tend to increase sharply, of which 0.05S diesel increased by more than VND 1,099/liter, retail price VND 18,500/liter;
Kerosene increased by VND 1,139/liter compared to the current base price, retail price is VND 18,790/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.
