Gasoline price today October 18, 2024: World price increases, domestic price decreases
Gasoline prices today, October 18, 2024: Crude oil prices increased slightly from 0.5% to 0.6% compared to yesterday. Domestic gasoline prices decreased slightly from 99-116 VND/liter, during the adjustment period on the afternoon of October 17.
World oil prices
Crude oil prices increased slightly today, only 0.5% to 0.6% compared to yesterday. Since October 15, oil prices have not increased as strongly as before.
Crude oil prices are expected to remain unchanged in the final trading session of the week on October 18, fluctuating around 71 USD/barrel for WTI oil and 74.6 USD/barrel for Brent oil.
Data from TradingEconomics and Oilprice showed that world crude oil prices increased by $0.4/barrel on October 18 compared to October 17.
At 6:18 a.m. this morning Vietnam time, WTI oil price increased by 0.7%, equivalent to 0.48 USD/barrel compared to the end of October 17.
Brent oil price also increased slightly, reaching 74.6 USD/barrel, 0.41 USD/barrel higher than yesterday and 0.56% higher than the morning of October 17.
Compared to the highest price on October 11, WTI oil price today decreased by 5 USD/barrel, while Brent oil decreased by 4.6 USD/barrel.
According to Oilprice, crude oil futures also increased slightly. WTI crude oil was traded at $70.87/barrel in the US, up $0.2/barrel; Brent crude oil was traded in London at $74.45/barrel, up $0.23/barrel, equivalent to an increase of 0.3%.
WTI oil prices rose due to a report from the EIA, saying that US crude oil reserves fell by 2.2 million barrels to 420.6 million barrels, not as expected by analysts to increase.
Gasoline and distillate stocks also fell from the previous week.
Fears of an Israeli attack on Iran following the October 1 missile incident helped keep oil prices steady, despite uncertainty over the conflict in the Middle East.
The ECB decided to cut interest rates for the third time this year, which could stimulate borrowing and consumption demand, affecting oil prices.
The stronger US dollar, which hit an 11-week high, boosted oil prices for countries that do not use the US dollar, putting pressure on oil demand.
Investors are paying attention to information from China on economic recovery plans and the real estate market.
Domestic gasoline prices
From 3:00 p.m. on October 17, gasoline prices have been adjusted down according to the decision of the Ministry of Industry and Trade and the Ministry of Finance.
Specifically, the price of RON 95 gasoline decreased by VND100, down to VND20,960/liter. E5 RON 92 gasoline also decreased by VND110, the new price is VND19,730/liter.
For oil, there were different fluctuations: diesel price decreased by 180 VND, to 18,320 VND/liter; kerosene decreased by 170 VND, the new price is 18,620 VND/liter; meanwhile, mazut price increased by 180 VND, to 16,090 VND/kg.
In this adjustment session, there is no provision or use of the Petroleum Price Stabilization Fund.
Since the beginning of the year, gasoline prices have increased 21 times and decreased 20 times; oil prices have increased 18 times and decreased 23 times. The stabilization fund has not been allocated during the adjustment periods. By the end of the second quarter, the Petroleum Price Stabilization Fund had more than 6,000 billion VND, a decrease of about 600 billion compared to the end of 2023.
