Gasoline price today October 2: Oil price plummets to 17-week low

Oil prices fell sharply today, with Brent and WTI falling to 17-week lows due to oversupply concerns.

World oil prices hit record low

Early morning of October 2, Vietnam time, Oilprice recorded Brent oil price at 65.37 USD/barrel, down 1% (equivalent to 0.66 USD). WTI oil fell to 61.74 USD/barrel, down 1.01% (0.63 USD).

Oil prices plunged for three consecutive days, marking the lowest level since early June for Brent and since late May for WTI. The market was under pressure when the possibility of OPEC+ raising production from November was raised, in the context of the US and Asian economies showing signs of slowing down.

Domestic gasoline prices today

Domestic gasoline prices today will be adjusted from 3:00 p.m. on September 25.

The Ministry of Industry and Trade and the Ministry of Finance announced that E5 RON 92 gasoline decreased by 368 VND/liter to 19,618 VND/liter, RON 95 gasoline decreased by 443 VND/liter to 20,165 VND/liter. Diesel 0.05S also decreased by 47 VND/liter, at 18,658 VND/liter.

On the contrary, kerosene increased by 84 VND/liter to 18,628 VND/liter, while fuel oil increased by 79 VND/kg, reaching 15,209 VND/kg. In this period, the Price Stabilization Fund was not allocated and was not used for any goods.

Reasons for fluctuations in gasoline prices

Global oil prices fell sharply due to concerns about oversupply and weak demand. OPEC+ is expected to increase production by 500,000 barrels per day in November, while US crude oil inventories increased more than expected, reflecting the decline in demand.

In addition, economic instability in the US and Asia and geopolitical risks from the Russia-Ukraine conflict continue to exert pressure. The Ministry of Industry and Trade said the market is volatile due to a combination of increased supply, weak demand and regional tensions.

Source: https://baodanang.vn/gia-xang-dau-hom-nay-2-10-gia-dau-lao-doc-cham-day-17-tuan-3305191.html