Gasoline prices today October 22, 2024: Up nearly 2% due to Middle East war
Oil prices today October 22, 2024: World oil prices increased by nearly 2% due to war tensions in the Middle East and concerns that Israel could retaliate against Iran.
World oil prices
According to Oilprice, at 5:00 a.m. (Vietnam time), WTI oil price reached 70.3 USD/barrel, up 1.94%, and Brent oil price was 74.13 USD/barrel, up 1.49%.
Oil prices rose nearly 2%, recovering some from a more than 7% drop last week, due to ongoing tensions in the Middle East.
China has cut lending rates to help revive the economy, but third-quarter economic growth was still the slowest since early 2023, raising concerns about oil demand.
China's oil demand is likely to remain weak through 2025 as the country pushes to electrify its cars and economic growth slows, the head of the International Energy Agency said.
Meanwhile, the president of the Federal Reserve Bank of Minneapolis said interest rates are expected to fall "modestly" in the coming quarters, but if the labor market weakens, rate cuts could come more quickly, which would boost oil demand.
The US Energy Information Administration reported last week that weekly oil production increased by 100,000 barrels per day, reaching a record 13.5 million barrels per day.
U.S. crude oil inventories likely rose by about 100,000 barrels last week, while gasoline and distillate inventories fell, a preliminary Reuters survey showed.
Domestic gasoline prices
The domestic retail price of gasoline on October 22, 2024 is applied according to the price at the operating session on the afternoon of October 17 of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline is not more than 19,730 VND/liter.
RON 95-III gasoline is not more than VND 20,962/liter.
Diesel oil not more than 18,321 VND/liter.
Kerosene not more than 18,627 VND/liter.
Fuel oil not exceeding 16,090 VND/kg.
During this adjustment period, the Ministry of Industry and Trade - Ministry of Finance will not set aside and will not spend the Petroleum Price Stabilization Fund for E5RON92, RON95 gasoline, diesel, kerosene, and mazut.
Since the beginning of 2024, domestic gasoline prices have been adjusted 41 times, including 20 decreases, 17 increases and 5 opposite adjustments (some increases, some decreases).
