Gasoline price today October 15, 2024: Sharp decrease

World oil prices

On October 15, global crude oil prices fell sharply at the opening of the trading session.

Specifically, at 6:18 a.m. Vietnam time, WTI oil price decreased by 3.6 USD, to only 71.9 USD per barrel, a decrease of about 5%.

Brent crude oil prices also fell similarly, at $75.4 per barrel, down $3.6, or more than 4.57%, from October 14.

This is the second consecutive day of oil price decline, following the trading session on October 11, and the sharpest drop since oil prices peaked on that day.

According to Oilprice, futures oil prices also fell from 1.5 to nearly 2 USD per barrel, equivalent to a decrease of 2% to 2.4% per day.

Since October 11, when world oil prices peaked, WTI and Brent oil prices have gradually decreased by 4 USD per barrel.

However, in the long term, crude oil prices in October 2024 still tend to increase from 2.6% to 3.76% compared to the previous month. This reflects the upward trend of crude oil prices due to the storage needs of European countries for the winter and the impact of political fluctuations in the Middle East.

OPEC, the international organization that coordinates oil exports, has cut its forecast for global oil demand through 2024.

Global oil demand is expected to grow by 1.93 million barrels per day this year, lower than the previous estimate of 2.03 million barrels per day.

Oil prices fell 2% after OPEC announced a reduction in its oil demand growth forecast for 2024 and 2025, along with China's oil imports falling for a fifth consecutive month.

China's economic stimulus measures failed to inspire confidence among investors, amid market concerns about possible attacks on Iran's oil infrastructure by Israel.

OPEC also cut its forecast for oil demand growth for next year, marking the third consecutive downward revision.

China, the world's top crude importer, was the main reason for the 2024 forecast cut, as OPEC cut its forecast for China's oil import growth from 650,000 barrels per day to 580,000 barrels per day.

China's crude oil imports in the first nine months of this year fell nearly 3 percent from a year earlier to 10.99 million barrels per day, data showed.

Domestic gasoline prices

Domestic retail prices of gasoline on October 15 are as follows:

E5 RON 92 gasoline is not more than 19,846 VND/liter.

RON 95-III gasoline is not more than VND 21,061/liter.

Diesel oil not more than 18,500 VND/liter.

Kerosene not more than 18,790 VND/liter.

Fuel oil not exceeding 15,911 VND/kg.

Retail gasoline prices were adjusted on the afternoon of October 10 by the Ministry of Finance and the Ministry of Industry and Trade.

Mr. Duong Duc Quang, Deputy General Director of the Vietnam Commodity Exchange (MXV), predicted that if the conflict between Iran and Israel only takes place on a small scale, the rapid price increase in the market may decrease in the coming time.

Domestic gasoline prices are expected to increase in the upcoming adjustment periods, but the increase is not forecast to be large.

The gas market is likely to see only a slight price increase as winter approaches.

Currently, although the conflict in the Middle East is only small in scale and has not affected the region's energy supply, the tense political situation still requires vigilance from the market.

Mr. Quang commented that, despite concerns based on past events, the possibility of an oil crisis similar to 1973 or the 2019 event is not high.

The United States, Israel's main ally, is opposing Israel's plan to target Iran's energy infrastructure, as this could disrupt supplies and push oil prices to $100 a barrel, putting huge pressure on the US domestic gasoline market and is not wanted by the Biden administration.

Oil prices are forecast to fluctuate between $70-80 per barrel and are unlikely to stay at $100 per barrel as some market fears.