Recorded at 8:00 a.m. on October 9, Brent oil price decreased by 3.75 USD, equivalent to 4.63%, to 77.18 USD/barrel; while WTI oil price decreased by 3.57 USD, equivalent to 4.63%, to 73.57 USD/barrel.
News of a possible ceasefire between Hezbollah and Israel has caused the crude oil market to cool down quickly. Commenting on the sudden drop in oil prices, analysts said that the fluctuations in oil prices are dependent on current news and the market is sensitive to all current news.
In addition, supporting the decline in oil prices was information that US oil inventories increased 5 times more than analysts had previously predicted.
Despite recent corrections, oil prices have continued to rise after Iran launched a series of missiles at Israel early last week and Israel announced it would retaliate. Fears of escalating conflict pushed oil prices up more than 8% last week and up more than 3% in early trading this week.
In the face of the unexpected developments in world oil prices, forecasts for domestic gasoline prices have not changed much compared to yesterday. On the morning of October 9, a leader of a southern gasoline and oil company said that gasoline prices in the adjustment period tomorrow afternoon (October 10) will still increase sharply, because world prices increased by 8% last week.
It is forecasted that domestic gasoline prices may increase by 1,300 - 1,700 VND/liter. This forecast does not include the Price Stabilization Fund and adjustments to other fees, if any.
If as predicted, domestic gasoline prices could exceed 20,000 VND/liter.
According to data from the Ministry of Finance, the management agency used about VND9.7 billion from the Petroleum Price Stabilization Fund in the second quarter of this year and allocated nearly VND29.3 billion to the fund. Enterprises with a positive balance in the Price Stabilization Fund received VND3.2 billion in interest during the period. Meanwhile, units with a negative balance in the fund had to pay VND5.9 billion in interest.
Thus, by the end of September, the Petroleum Price Stabilization Fund had a surplus of more than 6,061 billion VND.
During the operating period on October 3, the price of E5 RON 92 gasoline decreased by VND770/liter, not higher than VND18,850/liter. The price of RON 95 gasoline decreased by VND715/liter, not higher than VND19,803/liter.
Prices of all types of oil also decreased, but the decrease was smaller. Diesel oil price decreased by 105 VND/liter, not higher than 17,401 VND/liter. Kerosene oil decreased by 222 VND/liter, not higher than 17,651 VND/liter. Fuel oil decreased by 354 VND/kg, not higher than 15,003 VND/kg.
