Fuel prices today, September 29, 2024: Weekly slowdown of up to 5%
Fuel prices today, September 29, 2024: Oil prices rose at the end of the week, but experienced several sharp declines throughout the week, resulting in an overall weekly drop of 3 to 5%.
World oil prices
This weekend, oil prices edged slightly higher at the end of the trading week, with Brent crude rising 0.53% to $71.89 per barrel and WTI crude rising 0.75% to $68.18 per barrel.
Over the week, Brent crude prices fell by approximately 3% and WTI crude prices fell by approximately 5%.
Oil prices edged higher after a nearly 3% drop in the previous session, reacting to stimulus measures from the People's Bank of China, including interest rate cuts and liquidity injections, aimed at achieving its 5% economic growth target for 2024.
Despite stimulus measures from China, concerns about an oversupply of oil due to OPEC's production increase have dampened the price rally. OPEC+ plans to increase production by an additional 180,000 barrels per day starting in December.
Saudi Arabia may no longer pursue its target of $100 per barrel as it increases production, while Libya could soon recover its oil export output following an agreement to end the dispute.
US consumer spending rose slightly in August, indicating that the world's largest economy is still growing and inflation has stabilized, opening up the possibility of future interest rate cuts by the Fed.
Domestic fuel prices
The retail prices of gasoline and diesel in Vietnam on September 29th are as follows:
E5 RON 92 gasoline should not exceed 19,620 VND/liter.
RON 95-III gasoline should not exceed 20,518 VND/liter.
Diesel fuel prices should not exceed 17,506 VND/liter.
Kerosene should not exceed 17,873 VND/liter.
Fuel oil price should not exceed 15,357 VND/kg.
The Ministry of Industry and Trade has requested the Domestic Market Department to closely monitor the maintenance of the necessary petroleum supply for 2024 by major traders. It is necessary to inspect and promote the implementation of the plan, and coordinate with local Departments of Industry and Trade to adjust the supply and demand of petroleum, ensuring balance.
The Domestic Market Department must assess and forecast the supply and demand situation for petroleum products for the remaining months of the year and for the entire year 2024, in order to report and consider adjusting the plan to suit market needs and the requirements of consumers and businesses.
The Department of Oil and Gas and Coal needs to closely monitor the operations of the two domestic refineries, ensuring sufficient fuel supply according to the registered plan. If any problems or difficulties affect the production of the two refineries, they must be reported immediately to the Ministry's leadership to find timely solutions.