Gasoline prices are expected to increase across the board in the operating period tomorrow, October 10, 2024

Domestic gasoline prices are expected to increase in the operating period tomorrow, October 10, following the developments in world gasoline prices.

Tomorrow (October 10) is the retail price management period. gasoline according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on petroleum trading.

According to data from Oilprice, at 8:12 a.m. on October 9 (Vietnam time), Brent oil price was trading at 74.5 USD/barrel, up 0.41% compared to the previous session. WTI oil price was at 73.88 USD/barrel, up 0.42% compared to the previous session.

In the Singapore market, the average price of finished gasoline in the last period increased quite strongly compared to the previous period.

Hezbollah has left the door open to ceasefire talks after Israeli forces escalated tensions in the Middle East by launching new attacks in southern Lebanon, Reuters reported. Oil prices have risen after Iran launched a barrage of missiles at Israel earlier this week, with Israel vowing to retaliate and weighing its options.

Some analysts say an attack on Iran's oil infrastructure is unlikely and warn oil prices could come under significant downward pressure if Israel focuses on any other targets.

On the supply side, in the US, Hurricane Milton strengthened into a Category 5 storm as it headed towards Florida, forcing at least one oil rig in the Gulf of Mexico to shut down.

Data from the American Petroleum Institute showed that US crude inventories rose by 10.9 million barrels in the week ending October 4, more than five times the 1.95 million barrel increase forecast by analysts. In contrast to the increase in crude inventories, gasoline inventories and distillate inventories fell by 557,000 barrels and 2.59 million barrels, respectively.

Oil prices have been rising steadily since Iran launched a series of missiles at Israel earlier this week. Israel has vowed to retaliate and is weighing its options.

Based on the world oil price developments, some oil businesses believe that domestic oil prices may be adjusted up in the next adjustment period on October 10. If the regulator does not influence the Oil Price Stabilization Fund, domestic oil prices may increase by VND950-1,250/liter. Diesel prices may increase by VND820-1,050/liter.

If the regulatory agency spends the Petroleum Price Stabilization Fund, gasoline prices may increase less. If the above forecast is correct, domestic gasoline prices will turn up after a sharp decrease in the previous regulatory period.

During the operating period on October 3, the prices of all types of gasoline and oil were jointly regulated by the ministries. Industry and Trade - Specifically adjusted finance, E5 RON92 gasoline price decreased by 770 VND/liter, down to 18,850 VND/liter; RON95 gasoline decreased by 715 VND/liter, down to 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 operating period, the authorities continue not to set aside or use the price stabilization fund for all goods.

Source