World oil prices today
World oil prices recorded a sharp decline last week. At the end of a trading week, WTI crude oil was at 75.49 USD/barrel last week, falling sharply to 69.39 USD/barrel this weekend. Overall, WTI crude oil fell 6.1 USD/barrel last week, an 8% decrease compared to the previous week.
Brent crude oil was at $78.76/barrel last week, down to $73.06/barrel this week. Overall, Brent crude oil fell $5.7/barrel last week, down 7.2% from the previous week.
Thus, after two consecutive weeks of price increases, gasoline prices last week turned sharply downward. According to analysts, the reason for the sharp drop in oil prices this week is the forecast of a decrease in global oil demand in 2024 and 2025 by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA).
In addition, China's third quarter still recorded the slowest pace since early 2023. China's oil refining output fell for the sixth consecutive month, and the impact of electric vehicles in China also reduced gasoline demand in the country.
Domestic gasoline prices today
On October 20, 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 17. Accordingly, gasoline and oil prices decreased simultaneously.
The price of E5 RON 92 gasoline decreased by 116 VND/liter, RON 95-III gasoline decreased by 99 VND/liter. Oil prices decreased more with diesel down 179 VND/liter, kerosene down 163 VND/liter. Among the gasoline products, only fuel oil increased by 179 VND/kg.
Gasoline discount today
Discount prices of petroleum products today, October 20, at some domestic petroleum dealers:
PV OIl discounts on October 20 as follows: Oil discount: 1,550 VND/liter; RON 95 - III gasoline: 1,400 VND/liter; E5 gasoline: 1,350 VND/liter. Applicable at PVOIL Dinh Vu warehouse, Petec An Hai, Cai Lan.
Tu Luc Petroleum discounts on October 20 as follows: Oil discount: 1,500 VND/liter; RON 95 - III gasoline: 1,350 VND/liter; E5 gasoline: 1,300 VND/liter.
MIPEC gasoline discount on October 20: RON 95 - III discount: 1,200 VND/liter; E5 gasoline: 1,000 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 next price adjustment period, petroleum prices will likely continue to decrease. Of which, gasoline is forecast to decrease by about 100 VND/liter; oil by 300 VND/liter.
Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 20 times and decreased 21 times. Oil prices have increased 18 times and decreased 23 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.
