World oil prices today
World oil prices fell sharply in the trading session on October 15 (Vietnam time). At 10:51 a.m., WTI crude oil was at 71.72 USD/barrel, down 2.11 USD/barrel, or 2.86%. WTI crude oil closed the previous trading session at 73.83 USD/barrel and opened today's session at 71.66 USD/barrel.
Brent crude oil was at $75.22 a barrel, down $2.24, or 2.89%. Brent crude oil closed the previous trading session at $77.46 a barrel and opened today's session at $75.30 a barrel.
Thus, world oil prices fell sharply in the first two trading sessions of the week. At the close of the session on October 14, world oil prices fell sharply by more than 2%, and the downward trend continued this morning with a sharp decrease of nearly 3%.
The Organization of the Petroleum Exporting Countries (OPEC) has cut its forecast for global oil demand growth in 2024, analysts said. According to OPEC, world oil demand will increase by 1.93 million barrels per day (bpd) this year, down from the 2.03 million bpd increase forecast last month.
OPEC forecasts that global demand growth in 2025 will decrease from 1.74 million barrels per day to 1.64 million barrels per day.
In addition, China's oil demand - the world's second largest economy - has decreased due to increased demand for electric vehicles and slowing economic growth. Reuters cited data from China showing that China's crude oil imports in the first 9 months of the year fell nearly 3% compared to the same period last year, down to 10.99 million barrels/day.
Domestic gasoline prices today
On October 15, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session on the afternoon of October 10. Accordingly, gasoline and oil prices increased sharply.
The price of RON 95-III gasoline increased the most, by VND1,258/liter, followed by kerosene price, which increased by VND1,139/liter. Diesel price increased by VND1,099/liter, E5 RON 92 gasoline increased by VND996/liter, and fuel oil increased the least, by VND908/kg.
Gasoline discount today
Discount prices of petroleum products today, October 15, at some domestic petroleum dealers are as follows:
PV OIl discounts on October 15 as follows: Oil discount: 1,100 VND/liter; RON 95 - III gasoline: 1,100 VND/liter; E5 gasoline: 900 VND/liter. Applicable at PVOIL Dinh Vu warehouse, Petec An Hai, Cai Lan.
Tu Luc Petroleum discounts on October 15 as follows: Oil discount: 1,050 VND/liter; RON 95 - III gasoline: 1,050 VND/liter; E5 gasoline: 900 VND/liter.
MIPEC gasoline discount on October 15: RON 95 - III discount: 800 VND/liter; E5 gasoline: 700 VND/liter; oil: 1,100 VND/liter. Applicable to the Northern region.
Forecast of domestic gasoline prices next period
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. Before the two sharp declines this week, world petroleum prices had a very strong increase last week. According to this development, it is forecasted that in the next price adjustment period, petroleum prices may increase slightly.
Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 20 times and decreased 20 times. Oil prices have increased 18 times and decreased 22 times.
Today's gasoline prices are for reference only and may change according to market conditions without prior notice. Readers should consider carefully when using the information in this newsletter.
See more articles about gasoline prices HERE.
