Gasoline price today October 13: Climbing steeply

Although gasoline prices today, October 13, did not skyrocket by more than 8% like last week, an increase of more than 1% was enough for oil prices to continue their upward trend for the second consecutive week.

Although gasoline prices today, October 13, did not skyrocket by more than 8% like last week, the increase of more than 1% was enough for oil prices to continue their upward trend for the second consecutive week. (Source: Oilprice)

Despite only recording a modest increase during the week, oil prices have experienced strong fluctuations, affected by speculation surrounding the possibility of Israel launching a retaliatory attack on Iran, a shocking increase in US oil inventories, the impact of Hurricane Milton, and the possibility of monetary easing by the US Federal Reserve (Fed).

Concerns about a wider conflict in the Middle East pushed oil prices up more than 3% in the first trading session of the week, pushing Brent crude above $80 a barrel for the first time in two months.

The possibility of a ceasefire agreement between Hezbollah and Israel, along with a shocking increase in US oil inventories of 10.9 million barrels (according to the American Petroleum Institute), pushed oil prices to reverse and slow down by more than 4% in the second trading session of the week.

According to analysts, the possibility of Israel attacking Iran's oil infrastructure is unlikely. However, oil prices could come under significant downward pressure if Israel focuses on any other target.

Oil prices extended their losses into the third trading session of the week, but the decline was limited to about 60 cents. Supporting the decline was data from the US Energy Information Administration showing a 5.8 million barrel increase in oil inventories. The risk of supply disruptions from Iran and the impact of Hurricane Milton in the US kept oil prices from falling too far.

Oil prices unexpectedly rebounded by about 4% in the fourth trading session, recovering most of the losses of the previous two sessions. This reversal of oil prices was supported by a surge in fuel demand in the US ahead of Hurricane Milton, supply risks in the Middle East and signs that energy demand could increase in both the US and China.

A drop of less than 50 cents on the final trading session of the week was not enough to reverse oil prices this week.

With 2 strong increases and 3 decreases, the whole week, oil prices "pocketed" more than 1%, establishing the second consecutive week of increase.

Domestic retail prices of gasoline on October 13 are as follows:

E5 RON 92 gasoline is not more than 19,846 VND/liter.

RON 95-III gasoline is not more than 21,061 VND/liter.

Diesel oil not more than 18,500 VND/liter.

Kerosene not more than 18,790 VND/liter.

Fuel oil not exceeding 15,911 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of October 10. The price of RON 95-III gasoline increased the most, VND 1,258/liter, followed by kerosene price increased by VND 1,139/liter. Diesel price increased by VND 1,099/liter, E5 RON 92 gasoline increased by VND 996/liter and fuel oil increased the least, VND 908/kg.

In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-1310-bang-bang-leo-doc-289910.html