World oil prices plummeted in today's trading session, September 2. WTI crude oil fell to $72.98/barrel, down $0.57/barrel, or 0.77%. WTI crude oil closed the previous trading session at $73.55/barrel and opened today's session at $73.33/barrel.
Brent crude oil was at $76.33 a barrel, down $0.60 a barrel, or 0.78 percent. Brent crude oil closed the previous session at $76.93 a barrel and opened today at $76.94 a barrel.
Thus, after 2 consecutive weeks of sharp decline, world oil prices continued to plummet in the first trading session of the week.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to increase oil production from October, despite slowing global oil demand, according to Reuters. Analysts say the drop in demand could impact the organization's plans.
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 (Thursday, September 5), gasoline prices may continue to decrease, in which, E5 RON 92 gasoline is forecast to decrease by VND 100/liter; RON 95 gasoline is forecast to decrease by VND 150/liter; diesel oil is forecast to decrease by VND 200/liter.
According to petroleum distributors, the above forecast price does not take into account the management agency's provision or expenditure of the Petroleum Price Stabilization Fund . If the management agency makes provision, the petroleum price may remain the same as the previous adjustment period, but if it is spent, the petroleum price may decrease more sharply.
However, since the August 29 petrol price adjustment period, which is the 44th period, from October 2023, the operator has not used the Petrol Price Stabilization Fund. By the end of 2023, this fund has a surplus of more than VND 6,655 billion, according to data from the Ministry of Finance.
Domestically, on August 31, the common retail prices of gasoline and oil were as follows: E5 RON 92 gasoline not exceeding VND 20,332/liter; RON 95 gasoline not exceeding VND 21,109/liter; diesel not exceeding VND 18,477/liter; kerosene not exceeding VND 19,065/liter and fuel oil (wholesale) not exceeding VND 15,562/kg.
