Gasoline price today October 28: "Falling downhill" again

Oil prices today, October 28, both Brent and WTI oil "fell" nearly 4 USD.

Oil prices today, October 28, both Brent and WTI oil "fell" by nearly 4 USD. (Source: Oilprice)

According to analysts, this sudden "slide" in oil prices is because Israel's retaliatory attack on Iran over the weekend did not target Tehran's oil and nuclear infrastructure and did not disrupt energy supplies in the Middle East.

Last week, oil prices recorded a weekly increase with Brent crude oil increasing 4%, WTI crude oil increasing 3.7%, recovering half of the "losses" of the previous week. The increase in oil prices was due to the conflict situation in the Middle East that has not shown any signs of easing, even at the risk of escalating.

In the past five trading sessions, oil prices have increased three times and decreased two times. Oil prices have climbed about 4% in the first two trading sessions of the week. The ongoing fighting in the Middle East has gradually reduced the hope of a ceasefire in the region, pushing oil prices up. In addition, some signs of improving demand from China, including the news that the East Asian country increased its crude oil import quota for 2025, have supported oil prices.

However, the US dollar's continued rally to 106 for a fourth consecutive week, along with a rise in US oil inventories and efforts to restart ceasefire talks in Gaza, pushed oil prices down nearly 2% in the following two sessions. The US Energy Information Administration reported a build of 5.5 million barrels in US oil inventories for the week ending October 18, a rise 20 times higher than analysts' expectations and more than three times the increase reported by the American Petroleum Institute.

Oil prices once again refused to complete a hat-trick of gains in the final trading session of the week. Israel’s continued airstrikes and plans to attack Iran were supportive news for oil prices in this session, helping oil prices “pocket” more than 2%.

During the week, in addition to the conflict in the Middle East, investors will also be watching the core personal consumption expenditure (PCE) index data, the US Central Bank's preferred inflation measure, for more evidence on the possibility of cutting interest rates in the US in the coming time. The market is still betting on the possibility that the US Federal Reserve (Fed) will cut interest rates by 25 basis points two more times before the end of the year.

Domestic retail prices of gasoline on October 28 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 was adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session on the afternoon of October 24. 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. Only mazut oil increased by 139 VND/kg. Thus, this is the second consecutive price reduction of domestic gasoline prices.

During this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-2810-lai-do-deo-291653.html