Gasoline prices today (October 3): Continued to decrease by more than 2% due to concerns about oversupply

World oil prices

According to Reuters, Brent oil price fell 1.24 USD, equivalent to 1.9%, to 64.11 USD/barrel, the lowest level since June 2; WTI oil price fell 1.30 USD, equivalent to 2.1%, to 60.48 USD/barrel, the lowest level since May 30.

Also according to Reuters, OPEC+ is likely to increase oil production by about 500,000 barrels/day in November, three times the increase in October, as Saudi Arabia seeks to regain market share.

The oil market has clearly shifted since September and will see a significant surplus in the fourth quarter of 2025 and 2026, according to JPMorgan analysts. They said increased supply from OPEC+, coupled with slower global crude refining activity due to maintenance and seasonal demand declines in the coming months, will accelerate the process of oil storage.

According to HFI Research, US and global crude oil inventories will increase sharply by the end of the year, along with increased OPEC+ crude oil exports, the end result will be a further weakening of the oil market.

Meanwhile, US crude, gasoline and distillate inventories all rose last week due to lower refining activity and demand, the US Energy Information Administration (EIA) said on Wednesday.

Concerns about oversupply have been exacerbated by signs of weak demand, analysts at PVM Energy said. Oil demand forecasts vary widely, but on average, this year’s figure has been revised down by 150,000 barrels a day from January to September.

In another development, Finance Ministers of the Group of Seven (G7) industrialized nations announced that they will increase pressure on Russia by targeting countries that continue to increase oil purchases from Moscow.

In addition, some US officials revealed that Washington will support Ukraine with intelligence to carry out long-range missile attacks on Russia's energy infrastructure, including oil refineries and pipelines, to limit the Kremlin's revenue sources.

“The market is again concerned that Russian oil supplies could be disrupted. However, as long as there is no actual incident, the impact on oil prices will be limited,” said Giovanni Staunovo, an analyst at UBS.

On the other hand, the demand for oil storage from China, the world's largest crude oil importer, also somewhat limited the decline in oil prices.

Meanwhile, the largest US fuel pipeline, the Colonial Pipeline, has restarted after a brief outage on Thursday due to unplanned system maintenance.

Domestic gasoline prices

Domestic retail prices of gasoline on October 3, specifically as follows:

- E5RON92 gasoline: No higher than 19,624 VND/liter

- RON95-III gasoline: No higher than VND 20,209/liter

- Diesel 0.05S: Not higher than 19,038 VND/liter

- Kerosene: Not higher than 19,005 VND/liter

- Mazut oil 180 CST 3.5S: Not higher than 15,370 VND/kg

The Ministry of Industry and Trade and the Ministry of Finance have just decided on retail prices of gasoline and oil from 3 p.m. on October 2. Accordingly, gasoline and oil prices have increased simultaneously. Gasoline prices increased by 6 - 44 VND/liter; oil prices increased by 161 - 380 VND/liter. Specifically, E5RON92 gasoline prices increased by 6 VND/liter, RON95-III gasoline increased by 44 VND/liter, diesel increased by 380 VND/liter, kerosene increased by 377 VND/liter and mazut increased by 161 VND/kg.

According to the Ministry of Industry and Trade - Ministry of Finance, the world oil market in this management period is affected by main factors such as: OPEC+ increased oil production in October and is expected to continue to increase in November; the US government stopped many activities; US crude oil inventories increased; the military conflict between Russia and Ukraine continued, Ukraine increased attacks on Russian energy facilities... The above factors caused world oil prices in recent days to fluctuate up and down depending on each product.

Source: https://baolangson.vn/gasoline-price-today-3-10-tiep-tuc-giam-hon-2-do-lo-ngai-tinh-trang-du-cung-5060669.html