Gasoline prices today January 10, 2025: All increased
Gasoline prices today January 10, 2025: Domestic and world gasoline prices increased simultaneously. World oil prices increased by more than 1% as cold weather covered some areas of the United States and Europe.
World oil prices
Cold weather boosting demand for winter fuels helped oil prices rebound more than 1% in trading on January 9, recovering almost all of the previous session's losses.
Recorded on Oilprice at 4:30 a.m. on January 10, 2025 (Vietnam time), WTI oil price was at 74.22 USD/barrel, up 1.23% (equivalent to an increase of 0.90 USD/barrel). Similarly, Brent oil price was at 77.19 USD/barrel, up 1.34% (equivalent to an increase of 1.02 USD/barrel).
Looking ahead, WTI crude oil prices are expected to range between $67.55 and $77.95 in February as the market awaits more clarity on Trump's planned policies and China's fiscal stimulus, said OANDA senior market analyst Kelvin Wong.
According to MSc. Doan Tien Quyet - Vietnam Petroleum Institute (VPI), closely following the developments of the crude oil market, the world petroleum market is also forecasted to not have too many fluctuations next year.
"The year 2025 is not expected to have too many unusual fluctuations, still dominated and impacted by traditional factors such as economics, politics and energy policies of major countries.
The general trend is expected to revolve around US President Donald Trump's policy decisions, with a focus on prioritizing the use of fossil fuels.
US policy is likely to promote re-industrialization and a greater focus on domestic production, reducing dependence on global supply chains. This could increase demand for energy, especially crude oil and related products.
However, the US's growing use of fossil fuels could be accompanied by tariff measures aimed at protecting the domestic economy.
Major trading partners such as China and the BRICS36 bloc are expected to face pressure from new tax policies, somewhat recreating the image of the trade war in the previous term.
This pressure could slow down industrial production growth in China and India - the world's two largest manufacturing centers - thereby affecting gasoline consumption demand," said MSc. Doan Tien Quyet.
This expert predicts that in the global oil market, crude oil production in the US is expected to continue to increase sharply, increasing supply and putting downward pressure on oil prices. Meanwhile, OPEC+ production cut policies can be maintained to stabilize oil prices.
According to many reputable organizations such as the International Energy Agency (IEA) and OPEC, the average oil price in 2025 is forecast to fluctuate between 80 - 85 USD/barrel, with relative stability due to balanced global supply and demand.
"In this context, the world oil market in 2025 is forecast to maintain a state of relative balance, with changes mainly coming from the policies of major countries and global energy consumption trends. The world oil price is forecast to average from 80 - 90 USD/barrel for 2025" - MSc. Doan Tien Quyet assessed.
Domestic gasoline prices
At 3:00 p.m. on January 9, the Ministry of Industry and Trade and the Ministry of Finance adjusted domestic gasoline prices up.
Accordingly, E5RON92 gasoline increased by 374 VND/liter compared to the current base price, not higher than 20,431 VND/liter; RON95-III gasoline increased by 273 VND/liter, to 21,019 VND/liter.
Diesel 0.05S increased by 488 VND/liter, to 19,243 VND/liter; Kerosene increased by 410 VND/liter, to 19,244 VND/liter; Mazut 180CST 3.5S increased by 83 VND/kg, to 16,182 VND/kg.
Thus, domestic gasoline prices have been adjusted up for the second consecutive time since the beginning of 2025.
In this operating period, the Joint Ministry continues not to set aside or use the Petroleum Price Stabilization Fund.
According to the regulator, domestic gasoline prices are affected by the world market. Factors include: a stronger US dollar, increased US oil inventories, China’s economic stimulus plan, and the ongoing military conflict between Russia and Ukraine…
The room for the petroleum price stabilization fund of some key enterprises still recorded a large positive level because this fund has not been used in many recent management periods. The fund balance as of the end of the second quarter of 2024 was VND 6,061 billion, down VND 18 billion compared to the previous quarter and the fifth consecutive quarter of decrease. Compared to the end of 2023, this fund balance decreased by nearly VND 600 billion.
Regarding the regulation on issuing electronic invoices for each sale at retail stores of gasoline, at the end of 2024, the General Department of Taxation assessed that this situation has not been strictly implemented in accordance with regulations. In addition, the violations handled are still light and not deterrent enough before the law.
The General Department of Taxation has set a target of having at least 95% of stores nationwide using automatic connection solutions to issue electronic invoices for each sale by the end of June at the latest.
This agency also requested the Tax Departments of provinces and cities to focus resources and resolutely carry out regular or surprise inspections and supervision of all retail gasoline stores in the area that have not applied automatic connection solutions to issue electronic invoices for each sale...
