Gasoline prices today 10/7: All down

World oil prices today

World oil prices fell across the board in the trading session on October 7 (Vietnam time). At 10:56 a.m., WTI crude oil was at $74.14 per barrel, down $0.24 per barrel, or 0.32%. WTI crude oil closed the previous trading session at $74.38 per barrel and opened today's session at $74.04 per barrel.

Brent crude oil was at $77.73 a barrel, down $0.32 a barrel, or 0.41 percent. Brent crude oil closed the previous session at $78.05 a barrel and opened today at $78.06 a barrel.

Thus, after a week of continuous strong increases, world oil prices simultaneously turned down in the first trading session of the week.

According to Reuters, US President Joe Biden's dissuasion from Israel to target Iranian oil facilities has cooled oil prices. The head of the White House said that if he were in Israel's position, he would consider alternatives to attacking oil fields.

In addition, the Council of Ministers of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) has decided to maintain its oil production policy: Starting to increase production by 180,000 barrels/day/month from December. Notably, the Libyan oil embargo has been lifted, which means that about 700,000 barrels/day of crude oil will soon return to the market.

Analysts believe OPEC+ has enough spare capacity to offset the potential loss of supply from member Iran.

Domestic gasoline prices today

On October 7, 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 prices of gasoline and oil were adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session on the afternoon of October 3. Accordingly, gasoline and oil prices were adjusted down across the board. E5 RON 92 gasoline price decreased the most, up to 770 VND/liter. Next was RON 95-III gasoline, down 715 VND/liter. Oil prices decreased less, with diesel down 105 VND/liter, kerosene down 222 VND/liter, and fuel oil down 354 VND/kg. Thus, after 2 consecutive price increases, gasoline prices have turned down.

Gasoline discount today

Discount prices of petroleum products today, October 6, at some domestic petroleum dealers are as follows:

PV OIl discounts on October 7 as follows: Oil discount: 400 VND/liter; RON 95 - III gasoline: 300 VND/liter; E5 gasoline: 300 VND/liter. Applicable at PVOIL Dinh Vu warehouse, Petec An Hai, Cai Lan.

Tu Luc Petroleum discounts on October 7 as follows: Oil discount: 400 VND/liter; RON 95 - III gasoline: 300 VND/liter; E5 gasoline: 300 VND/liter.

MIPEC gasoline discount on October 7: RON 95 - III discount: 350 VND/liter; E5 gasoline: 200 VND/liter; oil: 400 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 may increase. The increase is about 150-200 VND/liter.

Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 19 times and decreased 20 times. Oil prices have increased 17 times and decreased 22 times.