Gasoline price today October 12: Plunged more than 4%

Gasoline prices today, October 12, fell sharply as the US threatened to impose high tariffs on Chinese goods, and the global market feared a decrease in demand.

World oil prices today dropped sharply

On the international market, gasoline prices continued to plummet on October 12 during the weekend session. Updated on Oilprice at 4:30 a.m. (Vietnam time), Brent crude fell 3.82% to $62.73/barrel, equivalent to a decrease of $2.49. Meanwhile, WTI crude fell sharply by 4.24% to $58.90/barrel, a loss of $2.61 compared to the previous session.

The main reason comes from US President Donald Trump's announcement of the possibility of imposing higher tariffs on Chinese goods. This move increases concerns about oil demand in the context of a global supply surplus.

According to Andrew Lipow, President of Lipow Oil Associates, this decline is not only due to tariffs but also the result of a combination of many causes: OPEC+ increased production, additional supply from the US and South America, and reduced geopolitical risks after the ceasefire agreement in Gaza. All of these create strong downward pressure on prices in the energy market.

Domestic gasoline prices today

In Vietnam, gasoline prices today, October 12, are regulated according to the new cycle of the Ministry of Industry and Trade - Ministry of Finance from 3:00 p.m. on October 9, with a decrease in all products.

Specifically, E5RON92 gasoline decreased by VND486/liter, down to VND19,138/liter; RON95-III gasoline decreased by VND480/liter, down to VND19,729/liter.

In the group of oil fuels, diesel oil decreased by 434 VND/liter, to 18,604 VND/liter; kerosene decreased by 571 VND/liter, to 18,434 VND/liter. Mazut oil alone decreased by 562 VND/kg, currently being sold at 14,808 VND/kg.

The main factors include OPEC+ announcing a slight increase in production in November, weakening global demand, and the ongoing Russia-Ukraine conflict. Despite short-term fluctuations, the world oil price trend is still inclined to decrease, causing domestic gasoline prices to cool down significantly.

Source: https://baodanang.vn/gia-xang-dau-hom-nay-12-10-lao-doc-hon-4-3306101.html