Gasoline price today June 15: Continuing the increase

Today's gasoline and oil prices, June 15, on the world market, oil prices continued to increase following the increase of the previous 2 sessions.

Giá xăng dầu hôm nay 15/6: Kéo dài đà tăng

Today's gasoline and oil prices, May 16, on the world market, oil prices continued to rise following the increase of the previous two sessions. (Source: Reuters)

Oil prices on the morning of June 15 (Vietnam time) specifically: US WTI crude oil price increased by 0.67 USD/barrel, to 70.06 USD/barrel, Brent oil price increased by 0.49 USD, to 74.72 USD/barrel.

Oil prices rose following upbeat oil demand growth forecasts from the International Energy Agency (IEA) and OPEC and as investors awaited the outcome of the US Federal Reserve's June meeting.

Both benchmark indexes rose more than 3% the previous day on expectations of increased fuel demand after China's central bank cut short-term lending rates.

Market participants expect the US central bank's Federal Open Market Committee (FOMC) to pause rate hikes amid uncertainty over the economic outlook and the impact of 10 rate hikes from March 2022.

Higher interest rates have strengthened the dollar, making U.S.-denominated commodities more expensive for holders of other currencies. The Fed’s pause in rate hikes would boost economic growth and oil demand, supporting prices.

“Interest rates are likely to remain unchanged today as the Fed contemplates its next move, but the more prominent question is whether this pause means the peak of the current cycle has been reached,” said PVM Oil analyst Tamas Varga.

Meanwhile, the IEA increased its forecast for oil demand growth this year by 200,000 barrels per day (bpd) to 2.4 million bpd, bringing the total forecast to 102.3 million bpd.

However, the agency expects economic headwinds to reduce growth to 860,000 bpd next year, and increased electric vehicle use to reduce that to 400,000 bpd by 2028 for overall demand of 105.7 million bpd.

The IEA's 2023 oil demand growth figure is slightly higher than that of the Organization of the Petroleum Exporting Countries (OPEC).

On the supply side, U.S. crude inventories rose by about 1 million barrels in the week ended June 9, according to market sources citing data from the American Petroleum Institute, compared with the median estimate of a 500,000-barrel drop from analysts polled by Reuters .

JP Morgan has lowered its forecast for average Brent crude oil prices this year by $9 to $81 a barrel.

In the domestic market, on June 12, the Ministry of Industry and Trade - Ministry of Finance announced the base price for petroleum products for the operating period.

In the adjustment period on June 12, gasoline prices remained unchanged, oil prices increased slightly. Accordingly, based on the management of the inter-ministerial committee, businesses listed the price of RON 95-III gasoline at VND22,010/liter, the price of E5 RON 92-II gasoline at VND20,870/liter. The price of diesel oil was VND18,020/liter.

Since the beginning of 2023, gasoline prices have been adjusted 17 times, including 9 increases, 6 decreases, and 1 unchanged. And in this adjustment, gasoline prices remained unchanged and oil prices increased slightly.

At the recent meeting on ensuring petroleum supply for the domestic market, stating that domestic supply is still passive, Minister of Industry and Trade Nguyen Hong Dien requested that key petroleum enterprises strictly and fully implement the minimum total source assigned by the Ministry of Industry and Trade since the beginning of the year (both in terms of quantity and type) to ensure continuous supply of petroleum to customers; must proactively source goods in all situations (both domestic and imported sources).

The Minister also noted that key enterprises need to have unified exchanges and regular, close coordination with distributors and retailers to have a common voice and harmonize interests.

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