Gasoline and diesel prices today, October 15, 2024: Sharp decrease

World oil prices

On October 15th, global crude oil prices fell sharply at the opening of trading.

Specifically, at 6:18 AM Vietnam time, WTI oil prices fell by $3.6, to just $71.9 per barrel, a decrease of approximately 5%.

Brent crude oil prices also fell similarly, to $75.4 per barrel, down $3.60, or more than 4.57%, from October 14th.

This marks the second consecutive day of falling oil prices, following the trading session on October 11th, and is the sharpest decline since oil prices peaked on that day.

According to Oilprice, futures oil prices also fell by $1.50 to nearly $2 per barrel, equivalent to a daily decline of 2% to 2.4%.

Since October 11th, when world oil prices peaked, WTI and Brent crude oil prices have gradually decreased by $4 per barrel.

However, in the long term, crude oil prices in October 2024 are still trending upwards by 2.6% to 3.76% compared to the previous month. This reflects the upward trend in crude oil prices due to stockpiling demand from European countries for the winter and the impact of political developments in the Middle East.

OPEC, the international organization that coordinates oil exports, has lowered its forecast for global oil demand in 2024.

Global oil demand is projected to increase by 1.93 million barrels per day this year, lower than the previous estimate of 2.03 million barrels per day.

Oil prices fell 2% following OPEC's announcement of a downward revision to its oil demand growth forecast for 2024 and 2025, coupled with a five-month consecutive decline in Chinese oil imports.

China's economic stimulus measures have failed to inspire confidence among investors, amid market concerns about the possibility of Israeli attacks on Iranian oil infrastructure.

OPEC also lowered its forecast for oil demand growth next year, marking the third consecutive downward revision.

China, the world's leading crude oil importer, is the main reason for the downward revision in the 2024 forecast, as OPEC lowered its forecast for Chinese oil import growth from 650,000 barrels per day to 580,000 barrels per day.

Data shows that China's crude oil imports in the first nine months of this year fell by nearly 3% compared to the same period last year, to 10.99 million barrels per day.

Domestic fuel prices

The retail prices of gasoline and diesel in Vietnam on October 15th are as follows:

E5 RON 92 gasoline should not exceed 19,846 VND/liter.

RON 95-III gasoline should not exceed 21,061 VND/liter.

Diesel fuel prices should not exceed 18,500 VND/liter.

Kerosene should not exceed 18,790 VND/liter.

Fuel oil price should not exceed 15,911 VND/kg.

Retail gasoline and diesel prices were adjusted on the afternoon of October 10th by the Ministry of Finance and the Ministry of Industry and Trade.

Mr. Duong Duc Quang, Deputy General Director of the Vietnam Commodity Exchange (MXV), predicted that if the conflict between Iran and Israel only occurs on a small scale, the rapid price increase in the market may subside in the near future.

Domestic fuel prices are expected to increase in upcoming adjustments, but the increase is not predicted to be significant.

The gas market is likely to see only a slight price increase as winter approaches.

Currently, although the conflict in the Middle East is on a small scale and has not yet affected the region's energy supply, the tense political situation still requires vigilance from the market.

Mr. Quang stated that, despite concerns based on past events, the likelihood of an oil crisis similar to that of 1973 or 2019 is not high.

The U.S., Israel's main ally, is opposing Israel's plan to target Iran's energy infrastructure, as this could disrupt supplies and drive oil prices up to $100 a barrel, putting significant pressure on the U.S. domestic gasoline market and being undesirable from the Biden administration's perspective.

Oil prices are projected to fluctuate between $70 and $80 per barrel and are unlikely to remain at $100 per barrel, as some in the market fear.

Hung Cuong