Gasoline price today, October 17: Drops to the lowest level in nearly 6 months

World oil price today

World oil prices are on the decline. At the end of yesterday's trading session (October 16), WTI and Brent oil prices decreased by 1.39% and 1.37%, respectively.

By this morning's session, both oil products continued to decrease sharply. At 10:29 a.m., WTI crude oil prices were at 57.31 USD/barrel, down 0.15 USD/barrel, equivalent to a decrease of 0.26%. WTI oil closed the previous trading session at 57.46 USD/barrel and opened today's session at 57.51 USD/barrel.

Brent oil was at 60.92 USD/barrel, down 0.14 USD/barrel, equivalent to a decrease of 0.23%. Brent oil closed the previous trading session at 61.06 USD/barrel and opened today's session at 61.05 USD/barrel.

Both oil products are at their lowest level in nearly 6 months (since the closure on May 5).

According to analysts, concerns about scarce supply have been eased after the announcement that Trump will meet with Putin to discuss an end to the war in Ukraine.

Also putting pressure on oil prices, the Energy Information Administration said that US crude oil reserves increased by 3.5 million barrels to 423.8 million barrels last week, compared to analysts' expectations in a Reuters poll of an increase of 288,000 barrels.

The increase in crude oil inventories is mainly due to reduced refining capacity as refineries enter the maintenance phase in the fall.

The data also showed that US production increased to 13.636 million barrels per day, the highest level recorded.

Domestic gasoline prices today

On October 17, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 are as follows:

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Industry and Trade - Ministry of Finance from 3:00 p.m. on October 16.

Accordingly, gasoline and oil prices will increase or decrease depending on each item. Specifically, E5RON92 gasoline price increased by 88 VND/liter, RON95-III gasoline increased by 174 VND/liter, diesel decreased by 181 VND/liter, kerosene decreased by 28 VND/liter, mazut decreased by 437 VND/kg.

Today's gasoline discounts

The discount levels of gasoline products today, October 17, at some domestic gasoline trading enterprises are as follows:

Hoang Trong General Trading Company Limited: Hai Linh warehouse, Hai Phong: Diesel 0.05S - II: 1,600 VND/liter; RON 95 - III gasoline: 1,350 VND/liter; Bac Ninh warehouse: Diesel 0.05S - II: 1,450 VND/liter; RON 95 - III gasoline: 1,200 VND/liter; Nghi Son warehouse: Diesel 0.05S - II: 1,650 VND/liter, RON 95 - III gasoline: 1,400 VND/liter.

Tu Luc Petroleum: Diesel discount 0.05S-II: 1,550 VND/liter; Diesel 0.001S-V: Out of stock; RON 95 - III gasoline: 1,350 VND/liter; E5 gasoline: 1,350 VND/liter.

MIPEC Petroleum: RON 95 - III Petroleum Discount: 1,300 VND/liter; Diesel 0.05S-II: 1,200 VND/liter; Diesel 0.05S: 1,700 VND/liter. Applicable to the Northern region.

Forecast of domestic gasoline prices in the coming 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 next price adjustment period, retail prices of gasoline may decrease.