Gasoline price today October 17: World increase, domestic decrease?

World oil prices today

World oil prices increased simultaneously in the trading session on October 17 (Vietnam time). At 11:05 am, WTI crude oil was at 70.59 USD/barrel, up 0.20 USD/barrel, equivalent to an increase of 0.28%. WTI crude oil closed the previous trading session at 70.39 USD/barrel, opening today's session at 70.69 USD/barrel.

Brent crude oil was at $74.41 a barrel, up $0.19 a barrel, or 0.26 percent. Brent crude oil closed the previous session at $74.22 a barrel and opened today at $74.53 a barrel.

Thus, the world oil price increased slightly today after 3 consecutive sessions of price reduction. In yesterday's session (October 16), the oil price increased sharply at the beginning of the session but then turned down, causing the closing price to decrease slightly.

Oil prices fell for a third straight session on weaker demand prospects and easing concerns about supply disruptions from the Middle East after the market digested news that Israel would not attack Iran's oil and nuclear facilities, analysts said.

On the demand side, the International Energy Agency (IEA) has cut its forecast for global oil demand growth in 2024, citing weak demand from China. The IEA forecasts global oil demand to grow by 860,000 barrels per day this year, down 40,000 barrels per day from its previous forecast. However, the agency said that oil demand in 2025 will grow by 1 million barrels per day, about 50,000 barrels per day higher than its forecast last month.

However, positive economic news from the US and Europe supported oil prices. According to Reuters, in the eurozone, although economic growth was slow, there were signs of improvement. Meanwhile, US import prices in September recorded the sharpest decline in nine months due to a sharp drop in the cost of energy products.

Domestic gasoline prices today

On October 17, 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 17, at some domestic petroleum dealers:

PV OIl discounts on October 17 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 17 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 17: 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 this afternoon (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.