Gasoline price today October 2, 2024: Sharp increase

World oil prices

As of 6:00 a.m. this morning, Vietnam time, WTI crude oil price reached 70.9 USD/barrel, up 4.01%, while Brent oil was at 74.559 USD/barrel, up 3.99% compared to yesterday.

Compared to the previous month, WTI oil price decreased by 4.33%, less than the 7.81% decrease on October 1; Brent oil decreased by 3.63%, also less than the 7.06% decrease on October 1.

Oil prices on October 2 decreased by 18.7% (WTI oil) and 16.38% (Brent oil) compared to the same period last year.

OPEC+ is not expected to change its current policy but could increase production by 180,000 barrels per day from December.

A report from the American Petroleum Institute said US crude oil inventories fell by 1.5 million barrels, gasoline inventories rose by 900,000 barrels, and distillate inventories fell by 2.7 million barrels in the week ended September 27.

Domestic gasoline prices

Domestic retail gasoline prices may decrease after being adjusted by the Ministry of Finance and the Ministry of Industry and Trade on the afternoon of October 3. This price reduction reflects the downward trend of world gasoline prices last week.

It is unlikely that domestic gasoline prices will increase for the third consecutive time. However, the situation may change and gasoline prices may increase or decrease depending on market factors in the coming days.

Domestic retail prices of gasoline on October 2 are as follows:

E5 RON 92 gasoline is not more than 19,620 VND/liter.

RON 95-III gasoline is not more than VND 20,518/liter.

Diesel oil not more than 17,506 VND/liter.

Kerosene not more than 17,873 VND/liter.

Fuel oil not exceeding 15,357 VND/kg.

The group of petroleum traders has sent a petition to the Prime Minister and relevant Ministers on the draft new decree, aiming to replace the three current decrees No. 83, 95 and 80.

Petroleum distributors and retailers stressed that the new draft fails to improve the management method that has existed for more than a decade, leading to uncontrolled prices and causing a petroleum crisis.

Enterprises expressed concerns about the lack of legal basis of some provisions in the draft, which go against the provisions of the Investment Law, Enterprise Law and other laws.

There is discrimination between large and small businesses, with the creation of monopolies for large oil companies.

Another issue raised was the lack of transparency in price management and the imposition of retail prices that do not reflect actual import prices.

Businesses felt that the consultation on the draft decree was not conducted seriously and lacked full participation of stakeholders.

From there, businesses raised the view that many issues had been criticized by public opinion but were not considered, and without changes, the draft would not bring the necessary effectiveness to the petroleum market.

Finally, they analyzed the injustice in the regulations on petroleum trading, especially the restriction on distributors buying petroleum from domestic producers, while wholesale traders have this right.