Gasoline price today September 30, 2024: Oil price drops sharply at the beginning of the week
Oil prices today September 30, 2024: World oil prices fell sharply at the beginning of the week, with WTI oil down 0.01% and Brent oil down 0.17%.
World oil prices
According to a report from Oilprice at 5:00 a.m. on September 30, 2024 (Vietnam time), the price of WTI oil reached 68.19 USD/barrel, down slightly by 0.01%. The price of Brent oil also decreased by 0.17%, down to 71.86 USD/barrel.
The main reason for the oil price drop is the plan of Saudi Arabia and OPEC+ to increase oil production. OPEC+ is expected to increase production in December, and this may not have much impact if some members reduce production to balance the surplus from September.
Oil prices are affected by factors such as China's monetary easing policy, tensions in the Middle East, and a decline in US petroleum inventories.
US oil inventories fell 4.5 million barrels in the week ended September 20, more than analysts expected.
US gasoline and distillate inventories also fell, by 1.5 million barrels and 2.2 million barrels, respectively.
OPEC raised its forecast for future global oil demand, expecting it to reach 118.9 million barrels per day in 2045 and 120.1 million barrels per day in 2050.
Domestic gasoline prices
Domestically, retail gasoline prices on September 30 are as follows:
- Retail price of E5 RON 92 gasoline is not more than 19,620 VND/liter
- Retail price of RON95-III gasoline is not more than 20,518 VND/liter.
- Retail diesel price is not more than 17,506 VND/liter.
- Retail price of kerosene is not more than 17,870 VND/liter.
- Fuel oil price is not more than 15,350 VND/kg.
Major oil companies do not expect a surge in demand. Many companies have suffered damage after the storm and have suffered losses due to the recent drop in oil prices. Companies have to stockpile oil for 20 days, making it difficult to balance.
Gasoline prices have increased 19 times and decreased 20 times since the beginning of the year, while diesel has increased 16 times and decreased 20 times. Recently, the price of E5 RON 92 gasoline has dropped below 19,000 VND/liter, the lowest level in more than 3 years. Key enterprises have suffered losses when importing gasoline and oil but have not been able to sell them due to the 30-day reserve regulation.
The continuous decrease in oil prices has made it difficult for businesses to adapt and they do not want to import more. Due to business difficulties, many oil distribution businesses have returned their business licenses.
In the past 7 months, more than 20 petroleum enterprises have requested to return their licenses, reducing the number to about 290 enterprises.
The number of businesses leaving the market could increase if new petrol trading regulations are applied more strictly.
