World prices decrease but domestic gasoline may still increase slightly this afternoon

Today's oil and gas prices, October 23, recorded at 7:00 a.m. this morning, October 23 (Vietnam time), both standard oil prices decreased slightly. US WTI crude oil lost 65 cents to 87.43 USD/barrel, global standard Brent oil also lost 62 cents to 91.54 USD/barrel.

Giá xăng dầu hôm nay 23/10: Thế giới giảm nhưng xăng trong nước vẫn có thể tăng nhẹ vào chiều nay

Gasoline prices today, October 23, based on world price developments, domestic enterprises forecast that in today's management period, October 23, gasoline prices may be adjusted up slightly. (Source: Industry and Trade Newspaper)

Last week, Brent crude oil price closed at $92.16/barrel, WTI crude oil price at $88.76/barrel. Overall, both benchmark oil prices increased by more than 1%. In general, commodity prices increased higher at the beginning of the week than at the end of the trading session last week.

This week, OPEC member Iran called for an oil embargo on Israel over the conflict in Gaza.

At the end of the last trading session of last week, oil prices “red floor” after Hamas announced that it had released two American hostages, including a woman and her daughter, from Gaza, raising hopes that the Israel-Hamas conflict could de-escalate and that oil exploitation activities in the Middle East would not be interrupted. However, developments in the Middle East over the last two days of the week showed that tensions in the region are unlikely to cool down, but are at risk of spreading. This will push oil prices higher.

According to analysts, in the context of the market still lacking supply, oil prices are likely to increase in the coming days. Analyst Giovanni Staunovo of UBS predicts that oil prices will continue to trade in the range of 90 - 100 USD/barrel in the coming sessions.

According to Ana Boata, head of economic research at Allianz Trade, tensions in the Middle East could push oil prices above $100 a barrel, even reaching a peak of $140 a barrel.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of October 11 of the Ministry of Finance - Industry and Trade.

E5RON92 gasoline: Not higher than VND 21,907/liter, down VND 1,595/liter.

RON95-III gasoline: Not higher than VND 23,044/liter, down VND 1,798/liter.

Diesel 0.05S: Not higher than VND 22,410/liter, down VND 1,184/liter.

Kerosene: Not higher than VND 22,464/liter, down VND 1,352/liter.

Mazut oil 180CST 3.5S: Not higher than 16,238 VND/kg, down 1,214 VND/kg.

Leaders of some retail and wholesale businesses said that recently, the average price of finished gasoline in the Singapore market has tended to increase compared to the previous period.

World oil prices increased slightly last week, by more than 1%. Brent crude oil prices ended the week at 92.16 USD/barrel, while WTI crude oil prices were at 88.08 USD/barrel.

Based on world price developments, domestic businesses forecast that in today's management session, October 23, gasoline prices may be adjusted up slightly.

Meanwhile, Ms. Phung Thi Hong, Director of Hong Minh Petroleum Company Limited, a leading enterprise, predicted that the world oil price last week fluctuated in a slightly upward direction. Therefore, the domestic oil price today will be adjusted in an upward direction.

“Gasoline prices may increase by 350-500 VND/liter, not including the provisions for the gasoline price stabilization fund and other taxes and fees if there are changes. Oil prices may increase less, around 300 VND/liter/kg,” Ms. Hong said.

According to Decree 95/2021/ND-CP on petroleum trading, October 21 is the date for adjusting domestic petroleum retail prices. However, due to coinciding with a holiday according to State regulations, it will be moved to the first working day after the holiday, which is October 23.

Source