China's electric vehicle demand pushes oil prices down

Gasoline price today October 21, 2024

Recorded on Oilprice at 5:00 a.m. on October 21, 2024 (Vietnam time), WTI oil price was at 69.34 USD/barrel, down 2.05% (equivalent to a decrease of 1.45 USD/barrel).

WTI oil price on the world market in the early morning of October 21, 2024 (Vietnam time)

Similarly, Brent oil price was at 73.17 USD/barrel, down 1.87% (equivalent to a decrease of 1.39 USD/barrel).

Brent oil price on the world market early morning October 21, 2024 (Vietnam time)

According to Reuters, although consumption and industrial output in September in China - the world's leading oil importer - both exceeded forecasts, economic growth in the third quarter of this year in the world's second largest crude oil importing market still recorded the slowest pace since early 2023.

Analysts say there are many factors affecting oil prices, including the move to electrify vehicles in the world’s second most populous country. In August, electric vehicle sales in China jumped 42% to a record high of more than 1 million vehicles.

The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have both cut their forecasts for global oil demand growth in 2024, citing weak demand from China. The IEA now expects global oil demand to grow by 860,000 barrels per day (bpd) this year, down 40,000 bpd from its previous forecast. OPEC expects global oil demand to grow by 1.93 million bpd this year, down from its forecast of 2.03 million bpd last month.

Domestic retail gasoline prices on October 21, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 17 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,730	-116
RON 95 gasoline	20,962	-99
Diesel	18,321	-179
Oil	18,627	-163
Fuel oil	16,090	+179

Specifically, the price of E5 RON 92 gasoline decreased by VND116/liter, down to VND19,730/liter; RON 95 gasoline decreased by VND99/liter, down to VND20,962/liter.

Diesel 0.05S price: Decreased by 179 VND/liter, down to 18,321 VND/liter; Kerosene decreased by 163 VND/liter, down to 18,627 VND/liter; Madut 180CST 3.5S increased by 179 VND/kg, at 16,090 VND/kg.

Gasoline price today October 21, 2024. Illustration photo

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 41 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 5 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-21102024-nhu-cau-xe-dien-trung-quoc-day-gia-dau-giam-soc-353654.html