Gasoline price today October 3: Continuing to plummet to the lowest level in 4 months

On the morning of October 3, world oil prices continued to decline, Brent crude fell by 1.24 USD, equivalent to 1.9%, to 64.11 USD/barrel, WTI crude fell by 1.3 USD, equivalent to 2.1%, to 60.48 USD/barrel. Both benchmarks are at their lowest levels in over 4 months.

Concerns about a growing supply glut ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) this weekend have helped oil prices fall sharply. According to Reuters, OPEC+ is likely to increase oil production by about 500,000 barrels per day in November, triple the increase in October, as Saudi Arabia seeks to regain market share.

JPMorgan analysts said the oil market has clearly shifted since September and will see a significant surplus in the fourth quarter of this year and next year. They also said that increased supply from OPEC+, combined with slower global crude refining due to maintenance and seasonal demand reduction in the coming months, will accelerate the process of oil storage and ultimately the oil market will continue to weaken, the price decline is not over.

Domestic gasoline prices have just been adjusted up slightly while world prices have plummeted for the fourth consecutive session. PHOTO: NHAT THINH

Analysts say the glut is more significant because of signs of weak demand. So far, oil demand forecasts vary among analysts, but on average, this year’s figure has been revised down by 150,000 barrels a day so far this year.

In another development, the Group of Seven (G7) announced that it would increase pressure on Russia by targeting countries that continue to increase purchases of Russian oil; along with that, Ukraine continuously attacked Russia's energy infrastructure, including oil refineries and oil pipelines, causing Russia's oil supply to be disrupted.

Domestically, yesterday afternoon (October 2), the Ministry of Finance and the Ministry of Industry and Trade simultaneously adjusted the retail prices of gasoline products. Specifically, the increase in gasoline prices was almost unchanged, only increasing by 6 - 44 VND/liter; meanwhile, oil prices increased by 161 - 380 VND/liter.

On the morning of October 3, after adjustment, the retail prices of popular petroleum products on the market are as follows: E5RON92 gasoline is not higher than VND 19,624/liter; RON95-III gasoline is not higher than VND 20,209/liter; 0.05S diesel is not higher than VND 19,038/liter; kerosene is not higher than VND 19,005/liter and 180 CST 3.5S fuel oil is not higher than VND 15,370/kg./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-3102025-giu-da-lao-doc-ve-muc-thap-nhat-4-thang-185251003083312201.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-03-10-giu-da-lao-doc-ve-muc-thap-nhat-4-thang-a203665.html