Gasoline price today September 11: World oil price continues to decrease

Oil price today

As of 6:46 a.m. this morning, Vietnam time, WTI crude oil price stood at 66.344 USD/barrel, down 3.44%, while Brent oil price was 69.719 USD/barrel, down 2.95% compared to the previous day.

Compared to the previous month, WTI and Brent crude oil prices decreased by 17.13% and 15.29%, respectively. Compared to the same period last year, the decrease was 22.8% for WTI and 22.57% for Brent.

Global crude oil prices are approaching their lowest levels since November 2021. This comes after OPEC cut its oil demand forecast for the second time in two months. OPEC expects global oil demand to grow by 2 million barrels per day in 2024, 80,000 barrels lower than its previous forecast.

For 2025, OPEC cut its demand growth forecast to 1.7 million barrels per day, down 40,000 barrels from its previous estimate.

The decline was driven by weaker oil demand in China, particularly due to rising electric vehicle sales, which reduced demand for traditional fuels.

OPEC+’s forecast for increased production in December could weigh on the market, with a potential surplus in 2025. Despite the doomsday concerns, the price decline was limited somewhat by concerns about Tropical Storm Francine, which could impact Gulf Coast output and refining activity.

Domestic gasoline prices today September 11

Domestically, retail gasoline prices on September 11 are as follows:

E5 RON 92 gasoline is not more than 19,979 VND/liter.

RON 95-III gasoline is not more than 20,827 VND/liter.

Diesel oil not more than 18,092 VND/liter.

Kerosene not more than 18,724 VND/liter.

Fuel oil not exceeding 15,155 VND/kg.

Vietnam’s Ministry of Industry and Trade and Ministry of Finance are expected to adjust retail gasoline prices on September 12, following the cycle. Crude oil prices have fallen significantly since the previous adjustment, with Brent crude falling to $69 per barrel at one point.

The price of imported gasoline from Singapore decreased to 80.21 USD/barrel for RON 95 gasoline and 76.35 USD/barrel for RON 92 gasoline on September 10. Domestic gasoline prices are forecast to decrease by 1,000-1,200 VND/liter and diesel by about 900-1,000 VND/liter in the next adjustment period.

If the Stabilization Fund is used, the reduction in gasoline prices may be smaller. Gasoline distributors predict that prices will fall sharply in the September 12 management period, with discounts increasing.

Gasoline prices may fall for the fourth time in a row, reaching their lowest level in two years. Since the beginning of the year, gasoline prices have increased 17 times and decreased 19 times, while diesel prices have increased 16 times and decreased 18 times.

The petroleum price stabilization fund of some enterprises still has a positive balance, with Petrolimex recording VND3,079 billion and Saigon Petro VND328 billion as of September 11. PV Oil and Petimex also recorded fund balances.