Gasoline prices today October 20: World continues to fall sharply

World oil prices

At 6:00 a.m. on October 20, Brent oil price was at 73.17 USD/barrel, down 1.87%, equivalent to a decrease of 1.39 USD/barrel compared to yesterday. WTI oil price was listed at 69.34 USD/barrel, down 2.05%, equivalent to a decrease of 1.45 USD/barrel.

For the week, Brent crude fell more than 7%, while WTI crude fell more than 8%, marking the sharpest weekly decline for each oil since the week ending September 2.

The reason for the downward pressure on oil prices this week is that the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) lowered their forecasts for global oil demand in 2024 and 2025.

World oil prices continued to decline today. (Illustration photo: Reuters)

Along with that, many analysts also commented that oil prices declined because China's third-quarter growth still recorded the slowest rate since the beginning of 2023.

In particular, China's oil refining output also fell for the sixth consecutive month due to low refining margins and weak fuel consumption, which also limited processing activities.

The impact of electric vehicles in China on the oil market cannot be ignored, said Neil Atkinson, an independent energy analyst in Paris and former head of the oil department at the IEA.

"Many factors are affecting oil prices, including economic weakness in China as well as the move away from fossil fuels to electrification of transport," said Neil Atkinson.

On the other hand, regarding the conflict situation in the Middle East, investors continue to closely monitor Israel's moves towards Iran. Concerns about unexpected effects from geopolitical tensions in the Middle East have temporarily subsided as Israel announced that it has no plans to attack Iranian oil production facilities.

Domestic gasoline prices

In the operating period on October 17, the price of E5 RON92 gasoline decreased by 116 VND/liter, not higher than 19,730 VND/liter. The price of RON95 gasoline decreased by 99 VND/liter, not higher than 20,962 VND/liter.

Diesel price decreased by 179 VND/liter, to 18,321 VND/liter. Kerosene price decreased by 163 VND/liter, not higher than 18,627 VND/liter. Only fuel oil price increased by 179 VND/kg, to 16,090 VND/kg.

During this period, the executive agency continued not to set aside or use the price stabilization fund for all goods.

PHAM DUY

Source: https://vtcnews.vn/gasoline-price-today-20-10-the-gioi-tiep-tuc-giam-sau-ar902761.html