According to the latest information, today's oil price (recorded at 6:50 a.m. on September 17), WTI crude oil price is currently at 70.462 USD per barrel, up 2.64%, while Brent oil price also increased by 1.59%, reaching 72.91 USD per barrel.
WTI crude oil futures prices have broken above the $70 mark, up 1.4% from last week, largely due to ongoing disruptions at oil facilities in the Gulf of Mexico and expectations of a U.S. interest rate cut.
About 20% of Gulf of Mexico oil production remains offline following Hurricane Francine, and investors are expecting a deeper interest rate cut from the Federal Reserve, which could stimulate the economy and oil demand.
Although oil prices increased across the board today, compared to last month, WTI and Brent crude oil prices decreased by 4.34% and 6.11%, respectively, and decreased by 21.06% and 21.84% year-on-year.
Domestic gasoline prices are currently still affected by fluctuations in global oil prices. International crude oil prices are low, due to reduced demand from major countries and gradual recovery in supply.
According to current market developments, it is forecasted that in the next price adjustment period (Thursday, September 19), gasoline prices may be adjusted downward. Of which, gasoline prices are forecast to decrease by 150 - 200 VND/liter; diesel is forecast to decrease by 200 VND/liter. The above forecasted prices do not take into account the management agency's allocation or expenditure from the Petroleum Price Stabilization Fund.
If the regulatory agency sets aside the Petroleum Price Stabilization Fund, the price of petroleum will likely remain the same as the previous adjustment period; but if the fund is used, the price of petroleum will decrease more sharply.
However, the adjustment period on September 12 was the 44th period, since October 2023, that the operator has not used the Petroleum Price Stabilization Fund. By the end of 2023, this fund had a surplus of more than VND 6,655 billion, according to data from the Ministry of Finance.
In the previous adjustment session (Thursday, September 12), the price of E5 RON 92 gasoline decreased by VND1,080/liter, to VND18,890/liter; RON 95 gasoline decreased by VND1,190/liter, to VND19,630/liter. Similarly, the price of diesel oil also decreased by VND930/liter, to VND17,160/liter; the price of kerosene decreased by VND930/liter, to VND17,790/liter. Fuel oil decreased to VND14,460/kg.
Thus, domestic gasoline prices have decreased for the fourth consecutive session after only one increase. Since the beginning of the year, gasoline prices have increased 17 times and decreased 20 times. Currently, the price of this commodity is at its lowest level in more than 3 years and is equivalent to May 2021.
