Gasoline price today October 16, 2024
Recorded on Oilprice at 5:00 a.m. on October 16, 2024 (Vietnam time), WTI oil price was at 70.97 USD/barrel, up 0.60% (equivalent to an increase of 0.42 USD/barrel).
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| WTI oil price on the world market in the early morning of October 16, 2024 (Vietnam time) |
In contrast, Brent oil price was at 74.65 USD/barrel, down 4.14% (equivalent to a decrease of 3.21 USD/barrel).
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| Brent oil price on the world market in the early morning of October 16, 2024 (Vietnam time) |
Oil prices fell more than 4% to their lowest in nearly two weeks on a weaker demand outlook and after a media report said Israel would not attack Iran's nuclear and oil sites, easing concerns about supply disruptions.
" We're seeing the unwinding of the war premium that we built up last week ," said Phil Flynn, senior analyst at Price Futures Group. " What we're seeing is not really about supply, but about risks to supply and demand ."
Brent and WTI crude prices have fallen about $5 this week, nearly erasing cumulative gains made after investors worried that Israel could strike Iranian oil facilities in retaliation for Tehran's missile attack on Oct. 1.
Israeli Prime Minister Benjamin Netanyahu has told the United States that Israel is prepared to strike Iranian military targets but not nuclear or oil targets, the Washington Post reported late Monday.
This week, both the Organization of the Petroleum Exporting Countries and the International Energy Agency cut their forecasts for global oil demand growth through 2024, with China accounting for the bulk of the downgrades.
OPEC has forecast much stronger growth in global demand this year than the IEA. But “ their string of downward revisions is an admission of wishful thinking ,” said John Evans at oil broker PVM.
Andrew Lipow, president of Lipow Oil Associates, said OPEC and its allies, known as OPEC+, could change their production plans later this year.
" I think OPEC+ will postpone the production increase until the end of this year ," Lipow said.
Lipow added that current crude oil prices are below the levels needed for many of these countries to meet their national budgets.
Domestic retail gasoline prices on October 16, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 10 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,846 | +996 |
RON 95 gasoline | 21,061 | +1.258 |
Diesel | 18,500 | +1.099 |
Oil | 18,790 | +1.139 |
Fuel oil | 15,911 | +908 |
Specifically, the price of E5 RON 92 gasoline increased by VND996/liter to VND19,846/liter; RON 95 gasoline increased by VND1,258/liter to VND21,061/liter.
Diesel 0.05S price: Increased by 1,099 VND/liter, up to 18,500 VND/liter; Kerosene increased by 1,139 VND/liter, up to 18,790 VND/liter; Madut 180CST 3.5S increased by 908 VND/kg, up to 15,911 VND/kg.
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| Gasoline price today October 16, 2024. Illustration photo |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 40 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 4 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-16102024-gia-dau-giam-4-do-lo-ngai-nguon-cung-352686.html
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