Gasoline price today October 17: Decreased for the third consecutive session

On the morning of October 17, world oil prices continued to decline, Brent oil decreased by 0.85 USD, equivalent to 1.37%, to 61.06 USD/barrel; WTI oil decreased by 0.81 USD, equivalent to 1.39%, to 57.46 USD/barrel.

Both benchmark oil contracts are at their lowest prices in nearly 5.5 months.

Although the specific time has not been announced, the news that President Donald Trump will meet with his counterpart, President Vladimir Putin, has caused the fuel market to continue to fluctuate. Investors are worried that geopolitical tensions between the US, Russia, and Ukraine may return, so they soon leave the market, pushing oil prices down.

In addition, the US Energy Information Administration (EIA) also just announced that commercial crude oil inventories in the US increased by 3.5 million barrels, to 423.8 million barrels last week, much higher than the expectation of only an increase of 288,000 barrels of analysts in a Reuters survey.

Domestic gasoline prices increased slightly from yesterday afternoon (PHOTO: NHAT THINH)

Analysts said the significant drop in demand also supported the price decline. Meanwhile, Indian refineries have begun planning to gradually cut oil imports from Russia. Investors are watching the possibility that India will stop importing oil from Russia, in the context of the supply of Russian oil products has been severely affected by drone attacks from Ukraine. Many refineries have been forced to postpone maintenance plans to maintain domestic supply and exports.

Despite the sharp drop in oil prices, experts say the decline in energy supply from Russia will help world oil prices gain more support. The forecast for Brent oil's lowest price this year at $58.4 per barrel may be very difficult to break.

Domestically, yesterday afternoon (October 16), the Ministry of Finance and the Ministry of Industry and Trade adjusted the retail price of gasoline. Specifically, gasoline prices increased by 90 - 175 VND/liter; prices of petroleum products decreased by 30 - 440 VND/liter/kg.

After adjustment, retail prices of petroleum products as announced by Petrolimex on the morning of October 17 are as follows: