Gasoline price today September 26, 2024: Continue to decrease, domestic price is expected to increase
Gasoline prices today, September 26, 2024: Continue to decrease due to concerns about reduced supply from Libya. Domestically, gasoline prices are forecast to increase by 4.4 - 4.8% this afternoon.
World oil prices
As of 5:00 a.m. on September 26, 2024, the price of WTI crude oil stood at 69.84 USD per barrel, down 1.87 USD compared to before, equivalent to a decrease of 2.61%.
Brent oil prices also fell, reaching $73.67 per barrel, down $1.5, or 2%.
Oil prices fell more than 2% in the final trading session on September 25 as concerns about disruptions to oil supplies from Libya eased and oil demand remained strong despite China's new measures to boost its economy.
More specifically, Brent crude oil price decreased by 1.71 USD, down to 73.46 USD per barrel, down 2.27%. WTI crude oil price decreased by 1.87 USD, down to 69.69 USD per barrel, down 2.61%.
Libyan factions have reached an agreement on the appointment of a central bank governor, paving the way for a resolution of a dispute over banking management and oil revenues. The deal is expected to help restore Libya’s oil production and exports after a period of decline.
Clay Seigle, an energy strategist, said this was an important step toward resolving the crisis at the Central Bank of Libya and improving oil supplies.
China's central bank announced sweeping monetary support measures on September 24, seen as the most drastic move since the Covid-19 pandemic broke out.
Analysts say that despite the support measures, China - the world's top crude oil importer - still needs more financial support to stimulate its economy.
George Khoury from CFI Financial Group expressed concern that China needs more financial support to boost confidence in the economy, which affects the forecast of sustainable oil demand and oil prices.
Oil prices rose 1.7% on September 24, responding to China's interest rate cut and fiscal stimulus.
US oil inventories fell significantly in the week ending September 20, with the decrease far exceeding analysts' expectations, the US Energy Information Administration (EIA) reported.
Tensions in the Middle East and the EIA report limited oil prices’ decline in the trading session on September 25. US gasoline and distillate inventories also fell by 1.5 million barrels and 2.2 million barrels, respectively.
Domestic gasoline prices
Domestic retail prices of gasoline on the morning of September 26 are as follows:
E5 RON 92 gasoline is not more than 18,941 VND/liter.
RON 95-III gasoline is not more than 19,762 VND/liter.
Diesel oil not more than 17,043 VND/liter.
Kerosene not more than 17,551 VND/liter.
Fuel oil not exceeding 14,826 VND/kg.
On September 19, domestic gasoline prices had notable fluctuations, with E5 RON 92 gasoline prices increasing by VND51/liter and RON 95-III gasoline increasing by VND127/liter, while diesel prices decreased by VND122/liter and kerosene decreased by VND239/liter.
Fuel oil price also increased by 359 VND/kg, going against the downward trend of other oils.
Tensions in the Middle East are believed to be the reason for the upward trend in crude oil prices after the previous adjustment period. Imported gasoline prices from Singapore recorded a slight increase, with RON 95 gasoline at $85.14/barrel and RON 92 gasoline at $80.48/barrel.
It is expected that domestic gasoline prices may increase by VND700-800 per liter and diesel may increase by VND400-500 per liter in the next adjustment period. If the Ministry of Industry and Trade and the Ministry of Finance use the Price Stabilization Fund, the increase in gasoline prices may be less.
Gasoline distribution companies predict that gasoline and oil prices will both increase in tomorrow's operating period. Gasoline discounts on September 25 were reported to be low, from 500-1,100 VND/liter.
If the forecast is correct, gasoline prices will increase for the second time in a row after four previous decreases. Since the beginning of the year, gasoline prices have increased 18 times and decreased 20 times; diesel prices have increased 16 times and decreased 20 times.
The petroleum price stabilization fund of some enterprises still has a large room, with Petrolimex recording 3,079 billion VND, Saigon Petro 328 billion VND, Petimex 460 billion VND, while PV Oil recorded a negative fund of more than 138 billion VND.
