Gasoline price today October 29, 2024: Down 4 USD/barrel compared to the beginning of the week

World oil prices

World crude oil prices continued to fall sharply, with WTI and Brent oil prices falling by 3-4 USD/barrel compared to the beginning of the week.

According to data from TradingEconomics and Oilprice, on October 29 at 6:40 a.m. (Vietnam time), crude oil prices fell for the second consecutive session by more than 5% compared to yesterday, October 28. Specifically, WTI oil price is currently 67.9 USD/barrel, down 3.8 USD/barrel (5.38%); Brent oil price is 71.9 USD/barrel, down 4.07 USD/barrel (5.36%).

Prices continued to fall this month, with the index rising just 0.4% and down 0.35% from the previous month. Compared to the same period last year, WTI and Brent crude oil prices fell between 16% and 17%.

Data showed that crude oil inventories in the US - the world's largest consumer - rose more than expected, while refining activity recovered. US crude oil inventories rose to 426 million barrels/week from October 14 to 18, higher than forecast with an actual increase of more than 270,000 barrels/week, putting pressure on oil prices.

Rising inventories eased concerns about sharp increases in oil prices in coming weeks, despite tensions in the Middle East.

According to the Ministry of Industry and Trade, the world oil market during the operating period from October 17 to October 23, 2024 is affected by many factors, including conflicts in the Middle East, increased crude oil reserves in the US, and tensions between Russia and Ukraine, leading to fluctuations in oil prices.

Citi analysts predict Brent crude prices will fall from $74 to $70 a barrel over the next three months, due to lower risk premiums.

OPEC+ decided to keep its oil production policy unchanged last month and will meet on December 1 to consider plans to increase production from December. Analyst Matt Portillo from Pickering Holt said that WTI prices could fall further next year, predicting WTI prices to be at $65/barrel in 2025 if there is no turmoil in the Middle East and if OPEC+ does not limit production.

Domestic gasoline prices

Domestic retail prices of gasoline on October 28 are as follows:

E5 RON 92 gasoline is not more than 19,692 VND/liter.

RON 95-III gasoline is not more than 20,894 VND/liter.

Diesel oil not more than 18,057 VND/liter.

Kerosene not more than 18,570 VND/liter.

Fuel oil not exceeding 16,229 VND/kg.

The petroleum business was once considered a super-profitable industry, attracting many investors. Therefore, there was a time when the whole country had more than 18,000 petroleum stores, 500 distributors and 38 key enterprises.

However, since the beginning of the year, nearly 20 distributors have returned their licenses, and it is predicted that this wave will continue. Most recently, on October 21, the Ministry of Industry and Trade revoked the gasoline distribution license of Hoang Hai Investment Consulting Joint Stock Company because the company failed to maintain business conditions according to regulations.

Although the Domestic Market Department believes that returning the license will not affect the petroleum business, the fact that many businesses are continuously withdrawing from the market is an alarming sign, showing shortcomings in current management and regulations.

Distributors, agents, and retailers have petitioned the Government. They argue that the regulation requiring distributors to only purchase from a single source, the primary enterprise, and not to trade with each other, is a restriction and discrimination in the business rights of enterprises.