Gasoline price today October 25, 2024: Domestic and international prices decrease together
Oil prices today October 25, 2024: World crude oil prices decreased by 0.4 USD/barrel compared to yesterday. Domestic oil prices decreased slightly from 30 VND to 70 VND/liter.
World oil prices
According to data from TradingEconomics and Oilprice, at 6:39 a.m. on October 25 (Vietnam time), crude oil prices on the world market continued to decrease.
Specifically, the price of WTI crude oil is currently 70.3 USD/barrel, down 0.8 USD/barrel compared to the opening price on the morning of October 24 (71.1 USD/barrel) and down 0.4 USD/barrel compared to yesterday's closing price.
Similarly, Brent oil price was 74.5 USD/barrel, also down 0.8 USD/barrel compared to the opening price on October 24 (75.3 USD/barrel) and down 0.4 USD/barrel compared to the closing price of the previous session.
Oil prices fell about 1% in volatile trading on Tuesday on reports that the United States and Israel are trying to restart talks on a possible ceasefire in Gaza. Both benchmarks had earlier gained more than $1 a barrel on concerns that conflict in the Middle East could impact oil supplies and uncertainty ahead of the U.S. presidential election on Nov. 5.
Brent crude oil prices rose about 8% in the week ending October 4 after Iran launched missiles at Israel on October 1 on concerns that Israel would attack Iranian oil infrastructure. However, oil prices fell about 8% in the week ending October 18 on reports that Israel had no plans to attack energy infrastructure, easing concerns about supply disruptions.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced about 4 million barrels of oil per day in 2023, according to data from the U.S. Energy Information Administration. Iran is expected to export about 1.5 million barrels per day in 2024, up from 1.4 million barrels per day in 2023, according to analysts and U.S. government reports.
Domestic gasoline prices
On the afternoon of October 24, 2024, retail gasoline prices will be adjusted periodically by the Ministry of Finance and the Ministry of Industry and Trade, effective from 3:00 p.m.
The price of E5 RON 92 gasoline will decrease by 40 VND per liter, down to 19,690 VND per liter. RON 95 gasoline will decrease by 70 VND per liter, down to 20,890 VND per liter.
Diesel prices will decrease by VND270 per liter to VND18,050 per liter. Kerosene will decrease by VND50 to VND18,570 per liter. In contrast, fuel oil will increase by VND130 to VND16,220 per kilogram.
This year, gasoline prices have increased 21 times and decreased 21 times. Oil prices have increased 18 times and decreased 24 times. There have been no changes to the Petroleum Price Stabilization Fund, as in previous adjustments.
The petroleum price stabilization fund still has a large positive balance due to not being used in many recent operating periods. The fund balance at the end of the second quarter was VND6,061 billion, down VND18 billion compared to the previous quarter and the fifth consecutive quarter of decline. Compared to the end of 2023, this fund has decreased by nearly VND600 billion.
The draft of the new Petroleum Business Decree is causing controversy because of a new regulation: distributors are not allowed to buy and sell petroleum to each other. This is aimed at more efficient management and reducing costs by eliminating unnecessary intermediaries.
Mr. Phan Van Chinh, Director of the Domestic Market Department, explained that this regulation comes from inspections and checks, followed by recommendations to the Ministry of Industry and Trade and the Government.
The Ministry of Industry and Trade has developed this draft based on opinions from many ministries and sectors, with the goal of bringing petroleum management closer to the free market while still eliminating intermediaries to reduce costs.
The current petroleum supply chain consists of three levels: source generation, distribution and retail.
The Government has amended Decree No. 80/2023/ND-CP, supplementing previous Decrees, with the decision to eliminate general agents to reduce intermediary stages.
Management will be carried out along the vertical chain instead of the horizontal chain, to enhance management efficiency.
The conditions to become a distributor or retailer will vary, and each business needs to comply with the conditions of the segment they belong to, without discrimination between segments.
