Gasoline price drops below 21,000 VND/liter

The Ministry of Industry and Trade - Ministry of Finance has just adjusted the retail price of gasoline and oil in the adjustment period today (October 17). The application time is from 3:00 p.m. on October 17, 2024.

Today's gasoline prices, from 3 p.m. on October 17, each liter of E5 RON 92 gasoline decreased by VND116/liter, RON 95 gasoline decreased by VND99/liter; oil prices increased and decreased in opposite directions. Photo: Tran Viet/VNA.

Specifically, the price of E5 RON 92 gasoline decreased by VND116/liter, down to VND19,730/liter; RON 95 gasoline decreased by VND99/liter, down to VND20,962/liter.

Diesel 0.05S price: Decreased by 179 VND/liter, down to 18,321 VND/liter; Kerosene decreased by 163 VND/liter, down to 18,627 VND/liter; Madut 180CST 3.5S increased by 179 VND/kg, at 16,090 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.

According to the Ministry of Industry and Trade, the average price of finished petroleum products in the world between the price adjustment period on October 10, 2024 and the adjustment period on October 17, 2024 is: 81.002 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline (down 0.932 USD/barrel, equivalent to a decrease of 1.14%); 87.450 USD/barrel of RON95 gasoline (down 0.822 USD/barrel, equivalent to a decrease of 0.93%); 88.438 USD/barrel of kerosene (down 1.240 USD/barrel, equivalent to a decrease of 1.38%); 88.640 USD/barrel of 0.05S diesel oil (down 1.334 USD/barrel, equivalent to a decrease of 1.48%); 460,612 USD/ton of 180CST 3.5S fuel oil (up 4,994 USD/ton, equivalent to an increase of 1.10%).

On the world market, at 6:00 a.m. on October 17, Brent oil price was at 74.22 USD/barrel, down 0.03 USD/barrel compared to yesterday. WTI oil price was listed at 70.68 USD/barrel, up 0.29 USD/barrel.

Brent crude oil prices continued to fall on the weaker demand outlook. In addition, information that Israel will not attack Iran's nuclear and oil facilities also helped to "cool" concerns about supply disruptions.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced about 4 million barrels of oil per day last year, according to data from the U.S. Energy Information Administration (EIA). Iran is expected to export about 1.5 million barrels per day this year, according to analysts and U.S. government reports.

On the demand side, OPEC and the International Energy Agency (IEA) have cut their forecasts for global oil demand growth in 2024, citing weak demand from China.

In the most recent adjustment period (October 10), the prices of all types of gasoline and oil were adjusted up by the Ministry of Industry and Trade - Ministry of Finance. Specifically, the price of E5 gasoline increased by VND990/liter, up to VND19,840/liter. The price of RON 95 gasoline increased by VND1,260/liter, the selling price is VND21,060/liter.

Similarly, diesel price increased by VND1,100/liter, to VND18,930/liter. Kerosene price increased by VND1,140/liter, to VND18,790/liter.

Currently, the room for the Petroleum Price Stabilization Fund of some key enterprises is still recording a large positive level because in many recent operating periods, the fund has not been used. The fund balance as of the end of the second quarter was VND 6,061 billion, down VND 18 billion compared to the previous quarter and the fifth consecutive quarter of decrease. Compared to the end of 2023, the fund balance decreased by nearly VND 600 billion.

Of which, the fund balance at the Vietnam National Petroleum Group (Petrolimex) - the enterprise holding the majority of the domestic petroleum retail market share - accounts for more than half, at nearly VND3,079 billion.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-ngay-17102024-gia-xang-giam-ve-duoi-21000-donglit-352946.html