Gasoline price today October 3, 2024: Continue to increase sharply
Oil prices today October 3, 2024: World oil prices are increasing strongly due to the war situation in the Middle East when Iran launched a series of missile attacks on Israel and Israel launched a ground attack on Lebanon.
World oil prices
At 6:25 a.m. on October 3, WTI crude oil price reached 70.86 USD/barrel, up 1 USD/barrel, about 1.5% compared to October 2.
North Sea Brent crude oil price also increased by 0.99 USD/barrel, reaching 74.55 USD/barrel, up 1.35% compared to the previous day.
This month, WTI and Brent crude oil prices increased slightly, between 0.75% and 1%.
Experts predict that oil prices could continue to rise due to concerns about supplies from the Middle East and the war situation. An Israeli attack on Iran could lead to a response from Tehran, increasing oil prices. At a meeting of the United Nations Security Council, Israel and Iran threatened to retaliate if there was an attack.
Iran supplies about 4% of global oil production, and Saudi Arabia is likely to increase production if Iranian supplies are disrupted.
Iran's oil output in August hit a six-year high of 3.7 million barrels per day.
US crude inventories fell, adding to pressure on oil prices. US crude inventories rose 3.9 million barrels to 417 million barrels, contrary to the American Petroleum Institute's forecast for a decline. Gasoline inventories rose 1.1 million barrels, while distillate inventories fell 1.3 million barrels.
Domestic gasoline prices
Domestic retail prices of gasoline on October 3 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.
Domestic gasoline prices are expected to decrease on the afternoon of October 3.
The price of RON 95 gasoline may decrease by VND730/liter, E5 RON 92 gasoline may decrease by VND700/liter, and diesel may decrease by VND160/liter. These figures do not include the use of the Petroleum Price Stabilization Fund.
The Vietnam Petroleum Institute (VPI) forecasting model using Machine Learning shows that gasoline prices could fall by 3.1% to 3.4%. This model is based on artificial neural networks and supervised learning algorithms.
Specifically, the price of E5 RON 92 gasoline may decrease by VND662 to VND18,958/liter, and RON 95-III gasoline may decrease by VND641 to VND19,869/liter.
Oil prices are also forecast to decrease slightly, with fuel oil possibly falling by VND451 to VND14,899 per kg, diesel down 0.7% to VND17,370 per liter, and kerosene down 1% to VND17,697 per liter.
It is expected that the Ministry of Finance and Industry and Trade will not use the Petroleum Price Stabilization Fund in this adjustment period.
