Gasoline price today October 24, 2024: Crude oil price plummets

World oil prices

World crude oil prices continued to fall on the morning of October 24 after three consecutive increases from October 21 to 23. Specifically:

WTI crude oil price decreased by 0.6 USD/barrel, to 71.1 USD/barrel, down nearly 0.89% compared to the previous day.

Brent oil price decreased by 0.7 USD/barrel, down to 75.3 USD/barrel, down 0.9% compared to October 23.

Although oil prices are falling, compared to October 18, Brent oil prices are still $1.75/barrel higher.

Oil prices fell more than 7% last week on concerns about demand from China and easing concerns about oil supplies from the Middle East. However, prices have risen slightly in the first two sessions of the week due to buying. The current decline was triggered by a report from the US Energy Information Administration (EIA), which showed that US crude inventories rose by 5.5 million barrels in the week ended October 18, far exceeding analysts' expectations.

In addition, the rising US dollar also contributed to pressure on oil prices. A strong US dollar reduces demand for oil from countries using other currencies.

Despite the rise in inventories, supply risks from Middle East conflict are still keeping prices from falling sharply. Meanwhile, OPEC and the International Energy Agency (IEA) both forecast global oil demand to fall by 1.93 million barrels per day (mb/d) and 1.64 million bpd in 2024 and 2025, respectively.

Domestic gasoline prices

Domestic gasoline prices are still trading at the listed price from 3:00 p.m. on October 17. Retail gasoline prices have been adjusted down slightly, with a decrease of VND100/liter to VND180/liter.

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.

The average price of world petroleum in the operating period from October 10 to October 17, 2024 shows:

RON92 gasoline (used to blend E5RON92 gasoline) is priced at 81.002 USD/barrel, down 0.932 USD/barrel (down 1.14%). RON95 gasoline is priced at 87.450 USD/barrel, down 0.822 USD/barrel (down 0.93%). Kerosene is priced at 88.438 USD/barrel, down 1.240 USD/barrel (down 1.38%). 0.05S diesel is priced at 88.640 USD/barrel, down 1.334 USD/barrel (down 1.48%). 180CST 3.5S fuel oil is priced at 460.612 USD/ton, up 4.994 USD/ton (up 1.10%).

At 3:00 p.m. this afternoon, October 24, retail gasoline prices will be adjusted according to new regulations of the Government. World gasoline prices tend to decrease, domestic gasoline prices are expected to decrease slightly from 70-120 VND/liter, unless there is intervention in the Price Stabilization Fund.

Diesel prices could fall by VND330-380 per liter, depending on the decision of the regulatory agency. Without the use of the Price Stabilization Fund, gasoline prices could fall less or remain unchanged.

The forecasting model using Machine Learning of the Vietnam Petroleum Institute (VPI) shows that the price of E5 RON 92 gasoline may decrease by 1.2% to VND 19,500/liter and RON 95-III gasoline may decrease to VND 20,714/liter.

Diesel prices are expected to fall the most, by about 3.1% to VND17,758 per liter, while fuel oil and kerosene are also likely to fall.

It is expected that the Ministry of Finance - Ministry of Industry and Trade will not use the Petroleum Price Stabilization Fund during this management period.