Gasoline price today September 29, 2024: Week of deceleration up to 5%
Gasoline and oil prices today, September 29, 2024: Oil prices increased at the end of the week, but during the week there were many sharp decreases, with a total decrease of 3 to 5% last week.
World oil prices
Oil prices edged up slightly this week as the trading week ended, with Brent crude up 0.53% to $71.89 per barrel and WTI crude up 0.75% to $68.18 per barrel.
For the week, Brent crude fell about 3% and WTI crude fell about 5%.
Oil prices edged up after a near 3% drop in a session, responding to stimulus measures from China's central bank, including interest rate cuts and liquidity injections, aimed at achieving its 5% economic growth target for 2024.
Despite stimulus from China, concerns about oversupply due to increased OPEC production have dampened the price rally. OPEC+ plans to increase output by 180,000 barrels a day from December.
Saudi Arabia may no longer pursue its $100-per-barrel oil price target as it ramps up production, while Libya could soon resume oil exports following a deal to end a dispute.
US consumer spending rose slightly in August, suggesting the world's largest economy is still growing and inflation has stabilized, opening up the possibility of the Fed cutting interest rates in the future.
Domestic gasoline prices
Domestic retail prices of gasoline on September 29 are as follows:
E5 RON 92 gasoline is not more than 19,620 VND/liter.
RON 95-III gasoline is not more than VND 20,518/liter.
Diesel oil not more than 17,506 VND/liter.
Kerosene not more than 17,873 VND/liter.
Fuel oil not exceeding 15,357 VND/kg.
The Ministry of Industry and Trade requires the Domestic Market Department to closely monitor the maintenance of the necessary petroleum supply for 2024 by major traders. It is necessary to check and promote the implementation of the plan, and coordinate with local Departments of Industry and Trade to adjust the supply and demand of petroleum to ensure balance.
The Domestic Market Department must assess and forecast the supply and demand situation of gasoline for the last months of the year and for the whole year 2024, to report and consider adjusting the plan to suit market demand and the requirements of consumers and businesses.
The Department of Petroleum and Coal needs to closely monitor the operations of the two domestic refineries to ensure adequate supply of gasoline and oil according to the registered plan. If there are any problems or difficulties affecting the output of the two factories, they need to be reported immediately to the Ministry's leaders to find timely solutions.
