Gasoline price today October 6: World oil price increased dramatically
Gasoline prices today, October 6: World oil prices increased dramatically last week, setting the highest weekly increase in nearly a year and a half.
World oil prices
At 6:00 a.m. on October 6, Brent crude oil prices rose slightly to $78.14 per barrel, up $0.52 from the previous session. WTI crude oil prices also rose to $74.45 per barrel, up $0.74.
Brent crude rose 8% this week, its biggest weekly gain since early 2023. WTI crude also rose 9.1%, its biggest weekly gain since March 2023.
Geopolitical tensions between Iran and Israel have added to the risk in the oil market. Although Libya lifted sanctions and returned 700,000 barrels of crude to the market, this has not eased investor concerns.
Trading on Monday was little changed as markets watched the conflict in the Middle East. WTI crude fell 1 cent, while Brent crude fell 21 cents.
Oil prices have started to rebound after Iran’s missile attack on Israel, rising about 3% in the second trading session of the week. Despite a rise in US oil inventories, oil prices still rose slightly by 0.5% in the third trading session due to concerns about conflict in the Middle East.
Fears of an Israeli attack on Iran's oil infrastructure and the possibility of Iranian retaliation sent oil prices up more than 5% in Wednesday's trading session.
The news that US President Joe Biden advised Israel not to attack Iranian oil fields was well received by the market. After this news, oil prices did not rise as quickly as before, only increasing by 67 cents in the last trading session of the week.
Oil prices rose four times this week, including two sharp increases and one slight decrease. Oil prices rose to their highest level in nearly a year and a half, reversing last week's downward trend.
Domestic gasoline prices
Domestic retail prices of gasoline on October 6 are as follows:
E5 RON 92 gasoline is not more than 18,850 VND/liter.
RON 95-III gasoline is not more than 19,803 VND/liter.
Diesel oil not more than 17,401 VND/liter.
Kerosene not more than 17,651 VND/liter.
Fuel oil not exceeding 15,003 VND/kg.
The Ministry of Finance has updated information on the Petroleum Price Stabilization Fund up to the end of the second quarter of this year. As of the end of the second quarter, the Fund had VND6,061 billion, down VND18 billion compared to the previous quarter, marking the fifth consecutive quarter of decline.
Compared to the end of 2023, the Fund decreased by about 600 billion VND. Petrolimex accounts for half of the petroleum retail market, with the largest Fund balance of nearly 3,079 billion VND.
Other companies such as Saigon Petro, Mipec, and Dong Thap also have significant fund balances, at VND328 billion, nearly VND300 billion, and VND460 billion, respectively.
Some other companies such as PV Oil, Binh Minh Petro, Truong An and Tan Nhat Minh recorded negative balances, with the amounts of more than 138 billion, 16 billion, 14.8 billion and 36 billion VND respectively.