Gasoline price today October 4, 2024: Domestic price drops sharply
Gasoline prices today October 4, 2024: Domestic prices drop sharply, world oil prices soar more than 9% compared to last week
World oil prices
At 6:19 a.m. on October 4, crude oil prices in the international market witnessed a significant spike.
WTI crude oil price reached 73.86 USD/barrel, up 3.7 USD/barrel (5.37%) compared to October 3. Compared to last month, WTI crude oil price is now up 6.8%.
North Sea Brent crude also rose to $77.78 a barrel, up $3.90 (5.2%) from October 3 and nearly 7% from last month.
Both WTI and Brent crude oil prices rose more than 9% compared to last week. This price increase may be related to the political tension in the Middle East, especially the conflict between Iran and Israel, Lebanon. There is a risk of a widespread war in this region.
The market fears that Israel could attack Iran's oil infrastructure, and Iran could retaliate.
Iran, a member of OPEC, produces about 3.2 million barrels of oil per day, accounting for 3% of global output.
It is possible that Iran could block the Strait of Hormuz or attack Saudi Arabia's infrastructure in retaliation, according to analyst Ashley Kelty.
The Strait of Hormuz is a vital oil shipping route through which a fifth of the world’s oil exports pass each day. An attack could send oil prices to $78-$80 a barrel, up from an estimated $75 a barrel for the fourth quarter of this year, according to analyst Alex Hodes.
US oil inventories increased by 3.9 million barrels to 417 million barrels at the end of the week of September 27.
Experts from ANZ said that the increase in inventories shows that the oil market is well supplied and has the ability to cope with possible risks.
Despite concerns about instability in the Middle East, global crude supplies remain unaffected. OPEC has enough reserves to replace oil supplies if Iran stops exporting.
Domestic gasoline prices
At 3:00 p.m. on October 3, the Ministry of Industry and Trade and the Ministry of Finance updated information on gasoline price adjustments, effective from 3:00 p.m. the same day.
World oil prices fluctuated during the week from September 26 to October 2 due to tensions in the Middle East and increased US crude oil reserves.
In this adjustment, there is no provision or use of the Petroleum Price Stabilization Fund for products such as E5RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene and fuel oil.
From 3:00 p.m. on October 3, the price of E5RON 92 gasoline will not exceed VND18,850/liter, a decrease of VND770 compared to before.
RON 95 gasoline decreased by 715 VND, not exceeding 19,803 VND/liter.
Diesel price decreased by 105 VND, not exceeding 17,401 VND/liter.
Kerosene decreased by 222 VND, not exceeding 17,651 VND/liter.
Mazut oil decreased by 354 VND, not exceeding 15,003 VND/kg.
This decision to adjust gasoline prices aims to ensure that domestic gasoline prices accurately reflect world price fluctuations, based on the VND/USD exchange rate and current regulations.
The objective of price adjustment is to maintain a reasonable price difference between E5RON 92 bio-fuel and RON 95 mineral gasoline, encourage the use of bio-fuel and ensure balanced interests among stakeholders in the market.