Gasoline prices today (October 21): Dropped to the lowest level in 5 months

World oil prices fell nearly 1% in the trading session on October 20, to the lowest level since early May, as the market grew increasingly concerned about global oversupply amid escalating US-China trade tensions.

World oil prices

According to Oilprice, Brent oil price decreased by 0.28 USD (equivalent to 0.46%) to 61.01 USD/barrel, WTI oil price decreased by 0.16 USD (equivalent to 0.28%) to 57.36 USD/barrel.

World oil prices fell nearly 1% in the trading session on October 20, to the lowest level since early May. Illustration photo: Reuters

Both oil prices fell more than $1 in early trading and ended the day at their lowest levels in five months.

Last week, both oil benchmarks fell more than 2%, marking their third consecutive weekly decline.

Analysts say the global crude oil market structure has shifted from a state of supply shortage to a clear surplus. The International Energy Agency (IEA) also forecasts that the oversupply situation could increase in the coming years, weakening the recovery momentum of oil prices.

“These concerns about oversupply are now affecting the market, especially as we look ahead to 2026. We will start to see floating storage build up and domestic tanks fill up. This is a really bearish story that the oil market has not seen in a long time,” said John Kilduff, partner at Again Capital.

In addition to supply and demand factors, trade tensions between the world’s two largest economies continue to put pressure on oil prices. The US and China have restarted trade retaliation measures, including imposing port tariffs on cargo ships between the two countries, these tit-for-tat moves could disrupt the global flow of goods.

Last week, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala warned that decoupling between the world's two largest economies could reduce global economic output by 7% in the long term and also have a negative impact on energy trade.

Some positive news has helped to limit the decline in oil prices. A lobbying group of major US corporations, including Oracle, Amazon and ExxonMobil, has called on the Trump administration to suspend regulations that hinder exports, warning that such measures could lead China and other countries to cut US companies out of global supply chains.

However, uncertainty remained as President Trump announced that the US would maintain huge tariffs on India unless it stopped buying Russian oil, a factor that could impact global energy markets.

Illustration photo: Reuters

On the supply side, energy services company Baker Hughes said the number of oil rigs in the US last week increased again after three weeks of decline.

In the short term, the market is entering a transition period with refinery maintenance, modest production cuts and investors closely watching weekly US inventory data, said analysts at energy consultancy Gelber and Associates.

A preliminary Reuters survey showed that US crude oil reserves are forecast to increase by about 1.5 million barrels in the week ended October 17, adding to the downward pressure on prices.

With a series of unfavorable factors and a dim global economic outlook, the oil market is entering a new challenging period where concerns about oversupply and weakening demand may continue to dominate price trends in the coming months.

Domestic gasoline prices

Domestic retail prices of gasoline on October 21 are 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 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 Russia-Ukraine military conflict continues, Ukraine increases 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.

Source: https://baolangson.vn/gasoline-price-hom-nay-21-10-giam-xuong-muc-thap-nhat-trong-5-thang-5062433.html