World oil prices today
World oil prices increased simultaneously in the trading session on October 16 (Vietnam time). At 11:01 am, WTI crude oil was at 70.84 USD/barrel, up 0.26 USD/barrel, equivalent to an increase of 0.37%. WTI crude oil closed the previous trading session at 70.58 USD/barrel, opening today's session at 70.93 USD/barrel.
Brent crude oil was at $74.48 a barrel, up $0.23, or 0.31 percent. Brent crude oil closed the previous session at $74.25 a barrel and opened today at $74.78 a barrel.
Thus, the world oil price today simultaneously increased again after 2 consecutive sharp declines, especially in yesterday's session (October 15), oil price dropped more than 4%. According to analysts, oil price in the first 2 trading sessions of the week decreased sharply due to weaker demand prospects and concerns about supply disruptions from the Middle East reduced after the market received information that Israel will not attack Iran's oil and nuclear facilities.
On the demand side, the International Energy Agency (IEA) has cut its forecast for global oil demand growth in 2024 due to weak demand from China. It now expects global oil demand to grow by 860,000 barrels per day this year, down 40,000 barrels per day from its previous forecast. However, oil demand in 2025 will increase by 1 million barrels per day, about 50,000 barrels per day higher than last month's forecast.
Domestic gasoline prices today
On October 16, 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 16, at some domestic petroleum dealers:
PV OIl discounts on October 16 as follows: Oil discount: 1,450 VND/liter; RON 95 - III gasoline: 1,350 VND/liter; E5 gasoline: 1,050 VND/liter. Applicable at PVOIL Dinh Vu warehouse, Petec An Hai, Cai Lan.
Tu Luc Petroleum discounts on October 16 as follows: Oil discount: 1,400 VND/liter; RON 95 - III gasoline: 1,300 VND/liter; E5 gasoline: 1,000 VND/liter.
MIPEC gasoline discount on October 16: RON 95 - III discount: 1,100 VND/liter; E5 gasoline: 900 VND/liter; oil: 1,450 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. According to current market developments, it is forecasted that in the price adjustment period tomorrow (October 17), petroleum prices may decrease slightly.
Of which, the price of RON 95 gasoline is forecast to decrease by 119 VND/liter; E5 RON 92 gasoline is forecast to decrease by 123 VND/liter; diesel oil may decrease by about 172 VND/liter.
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.