Domestic gasoline prices today July 15, 2024

In the domestic market, the selling prices of gasoline and oil today, July 15, are applied according to the prices at the management session on the afternoon of July 11 of the Ministry of Finance - Industry and Trade.

Accordingly, the price of gasoline and oil was adjusted downward by the Ministry of Industry and Trade - Ministry of Finance (except for fuel oil).

Specifically, the price of E5 gasoline was adjusted down to 22,280 VND/liter. The price of RON 95 gasoline dropped to 23,290 VND/liter.

Similarly, diesel price decreased to 20,830 VND/liter. Kerosene price decreased to 21,030 VND/liter.

Retail price of gasoline today:

Item Price from July 11 (unit: VND/liter) Compared to previous period
Gasoline RON 95-III 23,290 - 260
Gasoline E5 RON 92-II 22,280 - 180
Diesel 20,830 - 340
Oil 21,030 - 180

World oil prices today July 15, 2024

In the world market, gasoline prices today, July 15, are likely to decrease following the downward trend from last week.

oil price 1763 3673.jpg
World oil prices weaken. Photo: Oilprice

World oil prices last week recorded a weekly decline after increasing the previous week.

Oil prices fell 1% in the first trading session of the week, boosted by hopes that a ceasefire in the Gaza Strip could be reached soon as negotiations continue.

Oil prices continued to fall more than 1% in the second trading session of the past week. Hurricane Beryl weakened, allowing US oil refining operations to resume soon. This means that oil supplies are still guaranteed, causing oil prices to fall.

However, in the third trading session of the week, oil prices reversed and increased slightly due to a decrease in gasoline and oil inventories in the US (the world's largest oil consumer).

Oil prices rose following reports from the Petroleum Institute (API) and the US Energy Information Administration (EIA). The API said that US crude oil inventories fell by 1.9 million barrels and gasoline inventories fell by 3 million barrels in the week ending July 5. The EIA said US crude oil inventories fell by 3.4 million barrels and gasoline inventories fell by 2 million barrels.

Oil prices continued their rally in the fourth trading session, but the gains were relatively modest. Oil prices rose on growing expectations of a US interest rate cut after data showed an unexpected slowdown in inflation. The US consumer price index fell 0.1% in June, raising expectations that the Federal Reserve will cut interest rates in September. Lower interest rates boost economic growth, thereby increasing fuel demand.

But oil prices failed to sustain gains in the final trading session of the week, as investors weighed weaker U.S. consumer confidence data and growing hopes for a Fed rate cut in September, sending oil prices down slightly.

Thus, with 3 sessions of decline and 2 sessions of slight increase, oil prices last week recorded a weak week. Overall, last week, Brent oil prices fell more than 1.7%, while WTI oil prices fell 1.1%.

Closing last week, Brent oil price was fixed at 85.03 USD/barrel, WTI oil price ended the week at 82.21 USD/barrel.

The International Energy Agency (IEA) recently lowered its forecast for global oil demand growth, amid continued slowing global oil demand growth and declining consumption in China. Oil consumption in China fell continuously in April and May.

The IEA has cut its forecast for China's oil demand this year by 0.2 million barrels per day, to 17 million barrels per day.

Oil prices today, July 13, 2024, cooled down, despite expectations that the Fed would cut interest rates . Oil prices today, July 13, 2024, on the international market turned down after increasing in the previous 2 sessions. Oil prices decreased despite expectations that the Fed would soon cut interest rates this year.