Recorded at 6:00 a.m. on October 6 (Vietnam time), Brent oil price was trading at 78.14 USD/barrel, up 0.67%, equivalent to an increase of 0.52 USD/barrel; while WTI oil price was trading at 74.45 USD/barrel, up 1%, equivalent to an increase of 0.74 USD/barrel compared to the previous trading session.
For the week as a whole, Brent crude oil prices rose more than 8%, the largest weekly increase since January 2023. Meanwhile, WTI crude oil prices rose 9.1%, the largest increase since March 2023.
According to the Vietnam Commodity Exchange - MXV, escalating tensions in the Middle East have raised concerns about the world's oil supply situation, thereby pushing crude oil prices up sharply in yesterday's trading session.
The ongoing conflict between Iran and Israel has raised concerns in the market about the risk of Iran's oil supply being affected. Iran currently produces about 3.2 million barrels per day, equivalent to 3% of global output.
In addition, if the situation continues to escalate, not only will supplies from Iran be affected, but the flow of about 20 million barrels per day through the Strait of Hormuz, a strait under Iran's control, will also be put on alert.
Meanwhile, OPEC's commitment to cut production to offset previously planned overproduction also supported the rise in world oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) pumped 26.14 million barrels per day (bpd) last month, down 390,000 bpd from a month earlier and also the lowest this year.
Regarding the domestic market, speaking with Lao Dong, a major petroleum enterprise in Hanoi said that, along with the increase in world oil prices, in the next adjustment session (October 11), petroleum prices are forecast to increase very strongly.
Of which, the price of RON 95 gasoline is forecast to increase by VND 1,300/liter; E5 RON 92 gasoline is forecast to increase by VND 1,020/liter; diesel is forecast to increase by VND 1,080/liter. The above forecast prices do not take into account the use or allocation of the Petroleum Price Stabilization Fund by the authorities.
According to data from the Ministry of Finance, the management agency used about VND9.7 billion from the Petroleum Price Stabilization Fund in the second quarter of this year and allocated nearly VND29.3 billion to the fund. Enterprises with a positive balance in the Price Stabilization Fund received VND3.2 billion in interest during the period. Meanwhile, units with a negative balance in the fund had to pay VND5.9 billion in interest.
Thus, by the end of September, the Petroleum Price Stabilization Fund had a surplus of more than 6,061 billion VND.
During the operating period on October 3, the price of E5 RON 92 gasoline decreased by 770 VND/liter, not higher than 18,850 VND/liter. The price of RON 95 gasoline decreased by 715 VND/liter, not higher than 19,803 VND/liter.
Prices of all types of oil also decreased, but the decrease was smaller. Diesel oil price decreased by 105 VND/liter, not higher than 17,401 VND/liter. Kerosene oil decreased by 222 VND/liter, not higher than 17,651 VND/liter. Fuel oil decreased by 354 VND/kg, not higher than 15,003 VND/kg.
During this period, the authorities continued not to set aside or use the price stabilization fund for all commodities. Thus, for many consecutive periods, the authorities did not affect the gasoline price stabilization fund.
Since the beginning of 2024, domestic gasoline prices have undergone 39 adjustment sessions, including 20 sessions of decrease, 16 sessions of increase and 4 sessions of mixed increase and decrease.
