This afternoon, domestic prices will decrease by 300-400 VND/liter.

Today's gasoline prices, October 31, WTI oil prices increased by more than 0.5%, Brent oil prices "stayed still" at 72.55 USD/barrel. Although world gasoline prices increased last week, they decreased sharply in the first trading session of the week, so it is likely that domestic gasoline prices will continue to decrease by about 300-400 VND/liter.

Oil prices today, October 31, WTI oil price increased by more than 0.5%, Brent oil price anchored at 72.55 USD/barrel. Domestic gasoline prices are likely to continue to decline. (Photo: Ngoc Ha)

Brent crude rose $1.43, or 2.01 percent, to $72.55 a barrel. WTI crude rose $1.40, or 2.08 percent, to $68.61 a barrel.

Reuters reported that, citing data from the US Energy Information Administration (EIA), US gasoline inventories fell by 2.7 million barrels to a two-year low in the week to October 25 due to strong demand. Oil inventories also fell by 500,000 barrels due to lower imports.

U.S. crude oil imports from Saudi Arabia fell to their lowest level since January 2021, falling 20,000 barrels a day to just 13,000 barrels a day last week, the EIA said. Crude oil imports from Canada, Iraq, Colombia and Brazil also fell, the EIA said.

The strongest factor supporting higher oil prices was a drop in gasoline inventories amid higher demand, said Kpler analyst Matt Smith. In addition, lower imports helped crude inventories draw down slightly.

On the supply side, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may delay plans to increase oil production in December by a month or more due to concerns about weak oil demand and rising supply.

According to Harry Tchilinguirian, director of research at Onyx Capital Group, OPEC+ has always advised that the withdrawal of voluntary supply cuts will depend on market conditions. Therefore, it is not surprising that the group may reconsider the timing of resuming oil imports, given that weak macroeconomic realities, especially in China, have led to downward revisions in global demand growth estimates.

OPEC+ is expected to increase production by 180,000 barrels per day in December. The group previously cut production by 5.86 million barrels per day, equivalent to about 5.7% of global oil demand.

A decision by OPEC+ to delay the production increase could come as early as next week. OPEC+ is scheduled to meet on December 1 to decide on the next policy steps.

Domestic retail prices of gasoline on October 31 are as follows:

E5 RON 92 gasoline is not more than 19,692 VND/liter.

RON 95-III gasoline is not more than 20,894 VND/liter.

Diesel oil not more than 18,057 VND/liter.

Kerosene not more than 18,570 VND/liter.

Fuel oil not exceeding 16,229 VND/kg.

The retail price of domestic gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session this afternoon. Although the world price of gasoline and oil increased last week, it decreased sharply in the first trading session of the week, so it is likely that domestic gasoline prices will continue to decrease by about 300-400 VND/liter, and oil prices will increase slightly by 50-150 VND/liter (kg). If the forecast is correct, gasoline prices will establish a hat-trick of decreases.

In the most recent adjustment period of the joint ministries, the price of E5 RON 92 gasoline decreased by 38 VND/liter, RON 95-III gasoline decreased by 68 VND/liter, diesel oil decreased by 264 VND/liter, kerosene decreased by 57 VND/liter, and fuel oil increased by 139 VND/kg.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-3110-chieu-nay-trong-nuoc-se-giam-300-400-donglit-292005.html