Gasoline price today September 23, 2024: Slight increase again
Gasoline price today September 23, 2024: Slightly increased again after 2 consecutive days of decrease last weekend, but is still at a low level.
World oil price today 9/23/2024
WTI crude oil price today is 71.123 USD/barrel, up slightly 0.17%. Brent oil price also increased, reaching 74.600 USD/barrel, up 0.15%.
Compared to the previous month, WTI crude oil prices decreased by 4.94%, while Brent crude oil prices decreased by 5.58%. Compared to the previous year, WTI and Brent crude oil prices decreased by 19.32% and 17.53%, respectively.
Brent crude oil prices edged up on concerns about Middle East tensions and reduced U.S. supplies. An Israeli airstrike in Beirut killed 14 people, including a Hezbollah militant, adding to concerns about conflict and the impact on oil supplies.
Oil prices fell slightly from the previous month due to lower demand in China, the world’s largest importer of commodities. China’s refining output has fallen for the fifth straight month, while industrial output and retail sales growth have also slowed.
Experts say that the US interest rate cut could weaken the USD and support oil prices, but it will take time to have a positive impact on the economy and oil demand.
The Fed is expected to cut interest rates further in the coming years, which, along with the impact of Hurricane Francine, is seen as supporting oil prices at present.
Tensions in the Middle East, especially events involving Hezbollah and Iran, also affect oil prices.
The oil market is eyeing the possibility that OPEC+ will increase supply to meet demand.
Domestic gasoline prices today September 23, 2024
Currently, domestic gasoline prices today are trading at the following specific levels:
- Retail price of E5 RON 92 gasoline is no more than 18,941 VND/liter
- Retail price of RON95-III gasoline is not more than 19,762 VND/liter.
- Retail diesel price is not more than 17,043 VND/liter.
- Retail price of kerosene is not more than 17,551 VND/liter.
- Fuel oil price is not more than 14,826 VND/kg.
In the latest adjustment session, the price of E5 RON92 gasoline increased by VND51/liter, while RON 95 gasoline increased by VND821/liter. In contrast, the price of diesel oil decreased by VND122/liter, kerosene decreased by VND239/liter and fuel oil decreased by VND359/kg.
After four consecutive decreases, gasoline prices have increased again, but remain at their lowest level in 2024. Since the beginning of the year, there have been 38 adjustments to gasoline prices, with 18 increases and 20 decreases.
Domestic gasoline prices are still dependent on world oil prices, which are at their lowest level in the past three years due to reduced demand from major countries and increased supply.
The Petroleum Price Stabilization Fund was not used in recent price adjustments for petroleum products.
The Ministry of Industry and Trade has received recommendations from petroleum businesses to reduce the total level of petroleum deliveries due to market stability and to reduce the risk of losses.
In the first 8 months of 2024, the total source of imported and domestically purchased gasoline reached 18.16 million m3/ton, accounting for 63.7% of the total minimum source assigned by the Ministry of Industry and Trade.
The number of traders performing total resources decreased from 36 to 34, with 22 traders achieving over 60% of the plan and 6 traders exceeding 100%.
