Gasoline price today (October 18): Slight increase

World oil prices

According to Reuters, oil prices increased slightly in the trading session on October 17, but were still on track to record a decrease of nearly 3% for the week, after the International Energy Agency (IEA) forecast an increasing oversupply situation.

Specifically, Brent oil price increased by 0.23 USD, equivalent to 0.38%, to 61.29 USD/barrel. Meanwhile, WTI oil price also increased by 0.08 USD, equivalent to 0.14%, to 57.54 USD/barrel.

After a “very productive” phone call on October 16, President Trump and his Russian counterpart Putin agreed to hold a new summit on the war in Ukraine, a surprise move amid Moscow’s concerns about continued US military aid to Kiev. The meeting could take place in Budapest in the next two weeks.

The development coincides with Ukraine’s president’s planned visit to the White House on October 17 to push for a new military aid package, including US-made long-range Tomahawk cruise missiles, as Washington continues to pressure India and China to stop buying Russian oil.

“We just had a rare peace deal in the Middle East, Iran has been neutralized, and now Ukraine has taken a huge risk off the market,” said Phil Flynn, senior analyst at Price Futures Group.

Rising US oil inventories put pressure on oil prices to fall. Illustration: Oilprice

This week’s decline in oil prices was also fueled by escalating trade tensions between the U.S. and China, which have raised concerns about a recession and falling energy demand. “This has caused a breakdown in market confidence,” said Jorge Montepeque, managing director at Onyx Capital Group.

In addition, data from the US Energy Information Administration (EIA) released on October 16 showed that US crude oil inventories increased by 3.5 million barrels to 423.8 million barrels last week, much higher than analysts' forecast of an increase of 288,000 barrels.

The build in inventories was largely due to lower refinery utilization as plants entered fall maintenance. Data also showed U.S. crude oil production rose to 13.636 million barrels per day, a new record high.

Domestic gasoline prices

Domestic retail prices of gasoline on October 18, specifically as follows:

- E5RON92 gasoline: No higher than 19,226 VND/liter
- RON95-III gasoline: No higher than VND 19,903/liter
- Diesel 0.05S: Not higher than 18,423 VND/liter
- Kerosene: Not higher than 18,406 VND/liter
- Mazut oil 180 CST 3.5S: Not higher than 14,371 VND/kg.

The Ministry of Industry and Trade and the Ministry of Finance decided to adjust the retail price of gasoline and oil from 3 p.m. on October 16. Accordingly, gasoline and oil prices will increase or decrease depending on each product. Specifically, the price of E5RON92 gasoline increased by 88 VND/liter, RON95-III gasoline increased by 174 VND/liter, diesel oil decreased by 181 VND/liter, kerosene decreased by 28 VND/liter and fuel oil decreased by 437 VND/kg.

According to the Ministry of Industry and Trade, the world oil market in this management period is affected by main factors such as: OPEC+ announced an increase in oil production in November but the increase was lower than expected; global oil demand tends to weaken; the military conflict between Russia and Ukraine continues, Ukraine continues to increase attacks on Russia's energy facilities... The above factors have caused world oil prices in recent days to fluctuate up and down depending on each product, but the downward trend is mainly.

Thus, since the beginning of the year, domestic gasoline prices have undergone 43 adjustments, of which RON95 gasoline has increased 24 times, decreased 19 times; diesel has increased 21 times, decreased 21 times and remained unchanged once.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-18-10-tang-nhe-5062209.html