Gasoline price today September 27, 2024
Recorded on Oilprice at 5:00 a.m. on September 27, 2024 (Vietnam time), WTI oil price was at 67.46 USD/barrel, down 2.61% (equivalent to a decrease of 1.87 USD/barrel).
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| WTI oil price on the world market early morning September 27 (Vietnam time) |
Similarly, Brent oil price was at 73.67 USD/barrel, down 2% (equivalent to a decrease of 1.5 USD/barrel).
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| Brent oil price on the world market early morning September 27 (Vietnam time) |
Oil prices fell more than 3% today after the Financial Times reported that Saudi Arabia, the world's top crude exporter, will abandon its $100 price target in preparation for increasing production, along with OPEC members and allies in December.
The Financial Times reported that Saudi Arabia is preparing to abandon its unofficial crude oil price target of $100 a barrel as it prepares to increase production. Meanwhile, two OPEC+ sources said the producer group will continue to increase oil production in December because the impact will be small if some members plan to make larger cuts to offset overproduction in September and beyond.
“ They are overreacting to the FT story ,” said Phil Flynn, senior analyst at Price Futures Group.
Tamas Varga, an analyst at PVM, said the report was about the planned lifting of production cuts, which if implemented, would add 180,000 barrels per day (bpd) of crude oil to crude supply each month.
“ There is no doubt that it will loosen the global oil balance, but at the same time it will reduce OPEC’s spare production capacity,” Varga said. “It will most likely lead to stockpiling in 2025 and keep prices under moderate pressure. What is perhaps more important is whether it is a harbinger of a supply war within and outside the organization. If the answer is yes, then a sharp drop to $40 a barrel cannot be ruled out .”
The Organization of the Petroleum Exporting Countries, along with allies including Russia, collectively known as OPEC+, has cut oil production to support prices.
However, prices have fallen nearly 6% this year due to increased supply from other producers, especially the United States, as well as weak demand growth in China.
“ The prospect of additional supply from Libya and Saudi Arabia is the main driver of the latest weakness ,” said Ole Hansen, an analyst at Saxo Bank. A United Nations statement on Wednesday said delegates from eastern and western Libya had agreed on a process to appoint a central bank governor, a step that could help resolve a crisis over control of the country’s oil revenues that has disrupted exports.
Shipping data shows Libyan crude exports averaged around 400,000 barrels per day in September, down from more than 1 million barrels per day in August.
However, news of China's new economic stimulus package limited further losses.
Senior government officials in China, the world’s largest crude importer, have pledged to deploy the fiscal spending needed to meet this year’s economic growth target of around 5%, acknowledging new problems and raising market expectations for fresh stimulus measures beyond those announced this week.
Domestic retail gasoline prices on September 27, 2024 will be applied according to the adjustment session from 3:00 p.m. on September 26 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,629 | +679 |
RON 95 gasoline | 20,518 | +756 |
Diesel | 17,506 | +463 |
Oil | 17,873 | +322 |
Fuel oil | 15,357 | +531 |
Specifically, the price of E5 RON 92 gasoline increased by 679 VND/liter, to 19,620 VND/liter; RON 95 gasoline increased by 756 VND/liter, to 20,518 VND/liter.
Diesel 0.05S price: Increased by 463 VND/liter, up to 17,506 VND/liter; Kerosene increased by 322 VND/liter, up to 17,873 VND/liter; Madut 180CST 3.5S increased by 531 VND/kg, up to 15,357 VND/kg.
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
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| Domestic gasoline prices will be adjusted from 3:00 p.m. on September 26. Illustrative photo |
Since the beginning of 2024, domestic gasoline prices have undergone 38 adjustment sessions, including 19 decreases, 16 increases and 4 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-2792024-dong-loat-giam-sau-348641.html
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