This afternoon, domestic prices will decrease by 300-400 VND/liter.

Today's gasoline prices, October 31, WTI oil prices increased by more than 0.5%, Brent oil prices "stagnated" at 72.55 USD/barrel. Although world gasoline prices increased last week, they fell sharply in the first trading session of the week, so it is likely that domestic gasoline prices will continue to decrease by about 300-400 VND/liter.

Oil prices today, October 31, WTI oil price increased by more than 0.5%, Brent oil price anchored at 72.55 USD/barrel. Domestic gasoline prices are likely to continue to decline. (Photo: Ngoc Ha)

Brent crude oil prices increased by 1.43 USD, equivalent to 2.01%, to 72.55 USD/barrel. WTI crude oil prices increased by 1.40 USD, equivalent to 2.08%, to 68.61 USD/barrel.

Reuters cited data from the US Energy Information Administration (EIA) as saying that in the week to October 25, US gasoline inventories fell by 2.7 million barrels to a two-year low due to strong demand. Oil inventories also fell by 500,000 barrels due to lower imports.

U.S. crude oil imports from Saudi Arabia fell to their lowest level since January 2021, falling 20,000 barrels a day to 13,000 barrels a day last week, the EIA said, down 20,000 barrels a day from the previous week. Crude oil imports from Canada, Iraq, Colombia and Brazil also fell, the EIA said.

The strongest factor supporting the rise in oil prices was a drop in gasoline inventories amid higher demand, said Kpler analyst Matt Smith. In addition, lower imports helped crude inventories draw down slightly.

On the supply side, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may delay plans to increase oil production in December by a month or more due to concerns about weak oil demand and rising supply.

OPEC+ has always advised that the cancellation of voluntary supply cuts will depend on market conditions, so it is not surprising that the group may reconsider the timing of resuming oil imports, given the weak macroeconomic realities, particularly in China, that have led to downward revisions in global demand growth estimates, according to Harry Tchilinguirian, head of research at Onyx Capital Group.

OPEC+ is expected to increase production by 180,000 barrels per day in December. The group previously cut production by 5.86 million barrels per day, equivalent to about 5.7% of global oil demand.

A decision by OPEC+ to delay the production increase could come as early as next week. OPEC+ is scheduled to meet on December 1 to decide on the next policy steps.

Domestic retail prices of gasoline on October 31 are as follows:

E5 RON 92 gasoline is not more than 19,692 VND/liter.

RON 95-III gasoline is not more than VND 20,894/liter.

Diesel oil not more than 18,057 VND/liter.

Kerosene not more than 18,570 VND/liter.

Fuel oil not exceeding 16,229 VND/kg.

The retail price of domestic gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session this afternoon. Although the world gasoline and oil prices increased last week, they decreased sharply in the first trading session of the week, so it is likely that domestic gasoline prices will continue to decrease by about 300-400 VND/liter, and oil prices will increase slightly by 50-150 VND/liter (kg). If as forecasted, gasoline prices will set a hat-trick of decreases.

In the most recent adjustment period of the joint ministries, the price of E5 RON 92 gasoline decreased by 38 VND/liter, RON 95-III gasoline decreased by 68 VND/liter, diesel oil decreased by 264 VND/liter, kerosene decreased by 57 VND/liter, and mazut oil increased by 139 VND/kg.

Source: https://baoquocte.vn/gasoline-price-today-3110-this-afternoon-trong-nuoc-se-giam-300-400-donglit-292005.html