Gasoline price today October 30, 2024: Oil price stable at low level
Gasoline and oil prices today October 30, 2024: Oil prices are stable at a low level, domestic finished gasoline and oil prices may decrease sharply in the adjustment session tomorrow, October 31.
World oil prices
According to data from TradingEconomics and Oilprice, on the morning of October 30, world crude oil prices fell sharply. The two major oil types, WTI and Brent, are currently at their lowest prices in the past year.
Specifically, the price of WTI crude oil is currently at 67.4 USD/barrel, down 0.5 USD/barrel compared to the opening session on October 29. Although there is a slight increase compared to yesterday's closing price, it is not significant.
Brent oil price also decreased, currently selling at 71.3 USD/barrel, down 0.6 USD/barrel compared to the morning session on October 29, or down 0.14% on the day.
Data showed that crude oil inventories in the United States, the world’s largest oil consumer, rose more than expected as refining activity rebounded. Although futures prices have risen about 2% since the start of the week, investors remain concerned about the conflict in the Middle East.
According to the US Energy Information Administration (EIA), US crude oil inventories increased by 426 million barrels in the week of October 14-18, higher than forecast, with an actual increase of 270,000 barrels. This increase has put pressure on oil prices, reducing concerns about sharp increases in oil prices in the coming weeks, although the situation in the Middle East remains tense.
Regarding the situation in the Middle East, on the evening of October 29, the Israeli Prime Minister met with ministers and military leaders to discuss negotiations to find a diplomatic solution to the conflict in Lebanon.
In addition, oil demand from China - the world's largest crude oil importer - is still falling, which also affects global oil consumption and prices.
BP CEO Murray Auchincloss said demand from China would recover after President Xi Jinping announced new economic stimulus measures. Meanwhile, the CEO of Saudi Aramco said the oil market is now balanced and that demand is expected to average 104.5 million barrels per day this year.
Lipow Oil Associates President Andrew Lipow said the market is trying to recover but remains under pressure from weak demand from China and supply concerns.
Domestic gasoline prices
Thus, the common gasoline prices on the market from October 30, 2024 are as follows:
The price of E5RON92 gasoline decreased by 38 VND/liter, at a level not higher than 19,692 VND/liter, lower than RON95-III gasoline by 1,202 VND/liter;
RON95-III gasoline price decreased by 68 VND/liter, at a level not higher than 20,894 VND/liter;
The price of 0.05S diesel decreased by VND264/liter, at a level not higher than VND18,057/liter;
Kerosene price decreased by 57 VND/liter, at a level not higher than 18,570 VND/liter;
The price of 180CST 3.5S fuel oil increased by 139 VND/kg, at a level not higher than 16,229 VND/kg.
The Ministry of Industry and Trade will continue to maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline to encourage people to use biofuel, in line with the Government's policy and ensure the interests of all parties in the market.
In 2024, the escalating conflicts between Russia and Ukraine and Hamas and Israel caused fluctuations in world oil prices, supply shortages, and erratic changes in transportation costs, greatly affecting domestic gasoline prices and supplies. In this context, the Government has issued many timely instructions to stabilize the market.
Implementing the direction of the Prime Minister, the Ministry of Industry and Trade and the General Department of Market Management, the Market Management Department of Binh Thuan province has deployed a plan to monitor and inspect petroleum trading enterprises. In the first 10 months of 2024, the management force inspected 73 cases and handled 36 violations with a total fine of more than 1.64 billion VND. Compared to the same period last year, the number of violations increased by 29 cases and the amount of fines increased by 1.29 billion VND.
The main violations include: not registering the distribution system, not maintaining a quality management system, operating with a revoked license, missing information on the signboard, not posting prices as prescribed, and not listing the name of the petroleum distributor.
However, most businesses comply with legal regulations with full business licenses, agency contracts and quality management systems according to TCVN ISO 9001:2015, clearly listed prices and sales times, and goods of legal origin. Market management forces have also increased propaganda work to businesses.
