World down more than 2%; domestic gasoline may increase slightly this afternoon

Oil prices today, September 26, at the end of the trading session on September 25, oil prices fell more than 2% as concerns about supply disruptions in Libya eased, concerns about demand continued to increase despite China's latest economic stimulus plans. Domestically, domestic gasoline prices are forecast to increase slightly today.

Oil prices today, September 26, at the end of the trading session on September 25, oil prices fell more than 2% as concerns about supply disruptions in Libya eased. Domestically, today's domestic gasoline prices are forecast to increase slightly. (Photo: Ngoc Ha)

Brent crude fell $1.71, or 2.27%, to $73.46 a barrel. WTI crude fell $1.87, or 2.61%, to $69.69 a barrel.

Libyan factions have signed an agreement on the process for appointing a central bank governor, a first step toward resolving a dispute over control of the central bank and oil revenues that has cut Libya's oil production and exports in recent times, Reuters reported.

Clay Seigle, an energy strategist, commented that this is a solution to the crisis at the Central Bank of Libya and this will help restore oil supplies.

Despite a series of monetary support measures announced by China’s central bank on September 24 – the boldest since the Covid-19 pandemic – analysts say more financial support is still needed to boost economic activity in the world’s largest crude importer.

There are still concerns that more fiscal support is needed to boost confidence in the Chinese economy, raising doubts about sustainable demand growth and putting pressure on oil prices, according to George Khoury, global director ofeducation and research at CFI Financial Group.

Oil prices rose about 1.7% in trading on September 24 after China announced a sharp interest rate cut and increased funding.

Limiting the decline in the trading session on September 25 was a report from the US Energy Information Administration (EIA) and tensions showing no signs of easing in the Middle East.

According to the EIA, US crude oil inventories fell by 4.5 million barrels to 413 million barrels in the week ended September 20, more than three times the 1.4 million barrel drop expected by analysts. Gasoline and distillate inventories also fell by 1.5 million barrels and 2.2 million barrels, respectively.

Domestic retail prices of gasoline on September 26 are as follows:

E5 RON 92 gasoline is not more than 18,941 VND/liter.

RON 95-III gasoline is not more than 19,762 VND/liter.

Diesel oil not more than 17,043 VND/liter.

Kerosene not more than 17,551 VND/liter.

Fuel oil not exceeding 14,826 VND/kg.

The above domestic retail price of gasoline has been jointly adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price management session this afternoon (September 26).

Due to the increase in world oil prices last week, domestic oil prices are likely to increase as well, with gasoline prices increasing by around VND500-700/liter, and oil prices increasing by a smaller amount of VND300-500/liter (kg). If this is the case, gasoline prices will “jump up” for the second consecutive time.

In the adjustment on September 19, domestic gasoline prices fluctuated in opposite directions. While gasoline prices increased for the first time in 5 weeks with E5 RON 92 gasoline increasing by 51 VND/liter, RON 95-III gasoline increased by 127 VND/liter, oil prices continued to decrease with diesel down 122 VND/liter, kerosene down 239 VND/liter. Only fuel oil followed the gasoline price, increasing by 359 VND/kg.

Source: https://baoquocte.vn/gasoline-price-today-269-the-gioi-giam-hon-2-gasoline-in-nuoc-co-the-tang-nhe-vao-chieu-nay-287698.html