World prices fluctuate slightly; domestic prices increase sharply, over 1,200 VND/liter

Gasoline prices today, October 11, early this morning, WTI oil prices decreased slightly by 0.3%, Brent oil prices "stayed still" at 79.4 USD/barrel. Domestic gasoline prices increased sharply from 3:00 p.m. yesterday (October 10).

Oil prices today, October 11, early this morning WTI oil prices decreased slightly by 0.3%, Brent oil prices "stayed still" at 79.4 USD/barrel. Domestic gasoline prices increased sharply from 3:00 p.m. yesterday (October 10). (Photo: Ngoc Ha)

At the end of the trading session on October 10, oil prices continued to increase by about 4% due to a sudden increase in fuel demand in the US before Hurricane Milton made landfall in Florida, supply risks in the Middle East and signs that energy demand could increase in both the US and China.

Brent crude rose $2.82, or 3.7 percent, to $79.40 a barrel. WTI crude rose $2.61, or 3.6 percent, to $75.85 a barrel.

According to Reuters, Hurricane Milton swept through Florida, USA - the world's largest oil producing and consuming country - and 1/4 of gas stations here sold out of gasoline.

Widespread power outages in Florida could impact supplies this week and into next week, according to analysts at energy consulting firm Ritterbusch and Associates.

Meanwhile, markets are keeping a close eye on developments in the Middle East, with investors on high alert after Israeli Defense Minister Yoav Gallant promised that any attack on Iran would be deadly, precise and unexpected.

Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC), producing about 4 million barrels of fuel per day by 2023.

Meanwhile, Gulf states are lobbying Washington to prevent Israel from attacking Iranian oil facilities over concerns that their oil facilities could be attacked by Tehran's allies if the conflict escalates.

On the demand side, in a move that could boost oil demand in the world's second-largest oil consumer, China has unveiled a draft law to promote private sector development, the country's latest move to boost investor confidence amid an economic slowdown.

In the US, markets are increasingly confident that the Federal Reserve will cut interest rates by 25 basis points in November after data showed weekly jobless claims rose and annual inflation rose to its lowest level since February 2021. Lower interest rates reduce borrowing costs for consumers and businesses, which could boost economic growth and oil demand.

Domestic retail prices of gasoline on October 11 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/gasoline-price-today-1110-the-gioi-bien-dong-nhe-trong-nuoc-tang-manh-hon-1200-donglit-289645.html