Gasoline price today (October 16): Lowest in the past 5 months

World oil prices

At the end of the trading session on October 15, oil prices hit their lowest level in the past 5 months, in the context of escalating US-China trade tensions and the International Energy Agency (IEA) forecast of oversupply by 2026.

Specifically, Brent crude oil price decreased by 0.48 USD, equivalent to 0.8%, to 61.91 USD/barrel. WTI crude oil price also decreased by 0.43 USD, equivalent to 0.7%, to 58.27 USD/barrel. This is the lowest closing level of both types of oil since May 7, marking the second consecutive day of decline.

Bank of America forecasts that Brent oil prices could fall below $50/barrel if trade tensions between the US and China continue to escalate, while OPEC+ production increases sharply.

World oil prices fell to their lowest level in the past 5 months. Illustration photo: Reuters

Along with concerns about oversupply, the energy market is also affected by the developments in the US-China trade war, when the world's two largest oil consuming countries imposed additional port fees on cargo ships traveling between the two countries. These "tit-for-tat" moves could disrupt the global flow of goods.

Last week, China announced it would tighten controls on rare earth exports, while US President Donald Trump threatened to raise tariffs to 100% on Chinese goods and tighten software export regulations from November 1.

US Treasury Secretary Scott Bessent affirmed that Washington does not want to further escalate the trade conflict, and said that President Trump is ready to meet Chinese President Xi Jinping in South Korea later this month.

In China, deflationary pressures persisted as both consumer and producer prices fell in September. A persistently weak property market and trade tensions continue to weigh on the country's economic outlook.

US Federal Reserve Governor Stephen Miran said that new risks could significantly affect the economic outlook, making it more urgent to cut the base interest rate. Loose monetary policy could boost growth and oil demand.

Fears of oversupply have caused oil prices to fall sharply. Illustration photo: Reuters

“Apart from political factors, the level of oversupply reflected in global crude oil inventory fluctuations is the most important indicator for current price trends. If inventories continue to increase, oil prices will have difficulty recovering in the fourth quarter,” said Yang An, an expert at Haitong Futures.

Investors are now turning their attention to weekly US crude oil inventory data, which is considered an important signal reflecting actual supply and demand. According to a preliminary survey by Reuters, US crude oil inventories in the week ending October 10 are forecast to increase by about 200,000 barrels compared to the previous week.

Experts say that in the context of potential oversupply and trade tensions that have not cooled down, oil prices may continue to fluctuate around 58 - 63 USD/barrel in the short term.

However, if OPEC+ adjusts its output policy or the Fed cuts interest rates more sharply than expected, thereby stimulating fuel demand, the oil market could recover slightly by the end of 2025.

Domestic gasoline prices

Domestic retail prices of gasoline on October 16, specifically as follows:

- E5RON92 gasoline: No higher than 19,138 VND/liter
- RON95-III gasoline: No higher than VND 19,729/liter
- Diesel 0.05S: Not higher than 18,604 VND/liter
- Kerosene: Not higher than 18,434 VND/liter
- Mazut oil 180 CST 3.5S: Not higher than 14,808 VND/kg

The Ministry of Industry and Trade and the Ministry of Finance adjusted the retail price of gasoline from 3 p.m. on October 9. Accordingly, gasoline prices decreased across the board. Specifically, the price of E5RON92 gasoline decreased by VND486/liter, RON95-III gasoline decreased by VND480/liter, diesel oil decreased by VND434/liter, kerosene decreased by VND571/liter and fuel oil decreased by VND562/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-16-10-thap-nhat-trong-5-thang-qua-5061946.html