Today's world oil prices on September 16 at 6:46 am (Vietnam time) are trading as follows: WTI crude oil is trading at 68.851 USD/barrel, equivalent to an increase of 0.29% and Brent oil is trading at 71.711 USD/barrel, an increase of 0.14% compared to yesterday's trading session.
Compared to the previous month, world oil prices are recording a decrease of 8.83% and 10% for WTI crude oil and Brent crude oil, down 22.84% and 23.13% respectively compared to the same period in 2023.
Brent crude futures traded at $71 a barrel, up slightly but still the lowest level recorded in the past three years globally.
The Vietnam Commodity Exchange (MXV) said that global economic growth pressures, especially in China and the US, the world's two largest energy consuming countries, are reflecting gray tones in the picture of crude oil consumption growth.
In recent weeks, dismal data, especially on the labor market, has raised concerns about the health of the economy and raised questions about whether a recession is on the horizon for the United States.
Regarding the domestic petroleum market, according to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation.
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 allocates the Petroleum Price Stabilization Fund, the price of petroleum will likely remain the same as in 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, starting from October 2023, that the regulatory agency did not use 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.
