Gasoline price today October 12: Price increase week

Gasoline and oil prices today, October 12, ending the last trading session of the week (October 11), oil prices decreased slightly by less than 50 cents.

Today's gasoline price, October 12, ended the last trading session of the week (October 11), oil price decreased slightly by less than 50 cents. (Source: Reuters)

Brent crude fell 36 cents, or 0.45 percent, to $79.04 a barrel. WTI crude fell 29 cents, or 0.38 percent, to $75.56 a barrel.

Despite the slide in the final trading session of the week, both oil benchmarks rose more than 1% for the week.

Markets are likely to feel the tension as Israel weighs the size and shape of its response to Iran’s missile strikes last week, said Tim Snyder, chief economist at Matador Economics. “If Israel destroys Iran’s oil infrastructure, prices will rise,” he said.

Oil prices have spiked this month after Iran launched more than 180 missiles at Israel earlier this month, raising the prospect of Israeli retaliation against Iranian oil facilities. So far, however, Israel has not responded.

$75 a barrel for WTI is a reasonable price for rising tensions, said John Kilduff, partner at Again Capital in New York.

Israeli Defense Minister Yoav Gallant said any attack on Iran would be “lethal, precise and unexpected.”

It remains to be seen how Israel reacts, but until then, the oil market will remain at high risk, according to UBS analyst Giovanni Staunovo.

Pressured prices during the session was the impact of Hurricane Milton, which made landfall in the Atlantic Ocean after devastating the U.S. state of Florida. Gasoline shortages were reported across the state earlier in the week as drivers stocked up ahead of the storm, but the devastation could continue to dampen fuel demand in the wake of the storm.

Florida is the third largest gasoline consuming state in the US but has no refineries here, forcing the state to depend on imported gasoline by sea.

On the supply side, the Libyan National Oil Corporation said it had restored oil production to 1.25 million barrels per day.

Domestic retail prices of gasoline on October 12 are as follows:

E5 RON 92 gasoline is not more than 19,846 VND/liter.

RON 95-III gasoline is not more than 21,061 VND/liter.

Diesel oil not more than 18,500 VND/liter.

Kerosene not more than 18,790 VND/liter.

Fuel oil not exceeding 15,911 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of October 10. The price of RON 95-III gasoline increased the most, VND 1,258/liter, followed by kerosene price increased by VND 1,139/liter. Diesel price increased by VND 1,099/liter, E5 RON 92 gasoline increased by VND 996/liter and fuel oil increased the least, VND 908/kg.

In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1210-tuan-tang-gia-289809.html