Gasoline price today December 12, 2024: Gasoline price increases, oil price decreases

World oil prices

After two sessions of strong price increases, world crude oil prices in the New York market (USA) fell sharply on December 13. According to data from TradingEconomics and Oilprice, when opening this morning, all oil products recorded a decrease.

Specifically, at 6:34 a.m. (Vietnam time) on December 13, the price of WTI oil decreased by 0.4 USD to 69.85 USD/barrel, equivalent to a decrease of 0.6% compared to the previous day. Similarly, the price of Brent oil decreased by nearly 0.22 USD to 73.3 USD/barrel, a decrease of 0.3% compared to yesterday.

In recent days, the world crude oil market has experienced strong fluctuations, with unstable increases and decreases, mainly affected by OPEC+'s decisions to extend oil production cuts until the end of the first quarter of 2025.

Oil prices edged lower today under pressure from forecasts of ample supply in the market, but remained supported by expectations of further interest rate cuts by the Federal Reserve. The International Energy Agency revised its forecast for oil demand growth slightly higher next year, but the oil market is still expected to be well supplied. On Wednesday, OPEC lowered its forecast for oil demand growth through 2024 for the fifth consecutive month.

In addition, the tense political situation, especially the turmoil in Syria when rebels overthrew the government, has also affected global crude oil prices.

Domestic gasoline prices

Today, the price of RON 95 gasoline has increased slightly, to 20,590 VND/liter, an increase of 30 VND/liter compared to the previous adjustment period. Meanwhile, the price of E5 RON 92 gasoline remains unchanged, currently at 19,860 VND/liter.

Prices of petroleum products have decreased across the board. Specifically, diesel oil has decreased by 130 VND, now priced at 18,250 VND/liter. Kerosene has decreased by 250 VND/liter, down to 18,560 VND/liter. Notably, fuel oil has decreased by 550 VND/kg, currently sold at 15,570 VND/kg.

Since the beginning of 2024, gasoline prices have increased 24 times and decreased 25 times. Meanwhile, oil prices have increased 21 times and decreased 28 times. Compared to the beginning of the year, RON 95-III gasoline has decreased by VND1,320/liter, while diesel oil is lower by VND1,110/liter.

The joint ministries still maintain the practice of not setting aside the Petroleum Price Stabilization Fund, similar to previous management periods. According to the Ministry of Finance, by the end of the second quarter of 2024, the fund's balance will be more than VND6,000 billion, a decrease of VND600 billion compared to the end of 2023.

Currently, nearly 16,000 petrol retail stores nationwide must issue electronic invoices for each sale, connecting with tax authorities. However, the issuance of invoices is still not serious, and the measures to handle violations are not strong enough to deter.

On December 9, Prime Minister Pham Minh Chinh directed the Ministry of Finance to strengthen inspection and examination of electronic invoicing at gas stations.

The Prime Minister requested to focus on inspecting establishments using POS machines, tablets, or phones with installed invoice software. For gas stations that do not comply or intentionally violate, the management agency will strictly handle according to regulations.

Over the past week, global fuel prices have fluctuated due to factors such as geopolitical tensions in the Middle East, OPEC+'s downgrade of its 2025 oil demand growth forecast, and the ongoing Russia-Ukraine military conflict. These factors have led to different increases and decreases in prices for each commodity.

On average, over the past 7 days, RON 95 gasoline prices increased by 0.2%, while oil prices decreased by 0.8% to 4.3%. Specifically, each barrel of RON 95 gasoline is currently priced at 84.1 USD, diesel at 86.9 USD, and fuel oil at 435 USD/ton.