Gasoline price today September 12, 2024: Forecast to continue to decrease this afternoon
Gasoline price today September 12, 2024: Domestic gasoline price today is forecast to continue to decrease sharply for the 4th consecutive time. In the world market, oil price turned to increase by more than 2%.
Oil price today September 12, 2024
The world oil price today, September 12, at 6:49 a.m. (Vietnam time), turned to increase by more than 2%. Specifically, the WTI crude oil price today is 67.236 USD/barrel, up 2.26%. The Brent oil price reached 79.589 USD/barrel, up 2.03% compared to yesterday.
Compared to last month, WTI crude oil prices decreased by 16%, Brent crude oil decreased by 14.22%. Compared to last year, WTI crude oil prices decreased by 23.02%, Brent crude oil decreased by 22.7%.
This week, world oil prices have been volatile, with continuous increases and decreases in trading sessions. Prices increased sharply at the beginning of the week, then decreased sharply yesterday and increased again today, making it difficult to forecast domestic gasoline prices.
WTI crude futures also rose 2.4% to $67 a barrel, recovering from a three-year low. The decline came after OPEC cut its demand growth forecast and China’s crude imports slowed.
Although oil prices have remained low since May 2023, US crude inventories rose by just 0.83 million barrels, less than expected. Gasoline and distillate inventories rose more than expected.
The EIA also cut its oil price forecast for the fourth quarter and 2025 as OPEC cut its demand forecast. Concerns about weakening demand persist, especially in China, where electric vehicles are reducing oil consumption. Hurricane Francine is also strengthening in the Gulf of Mexico, threatening Gulf Coast refining operations.
Domestic gasoline prices today September 12, 2024
Domestic retail gasoline prices on September 12, 2024 will be applied according to the adjustment session from 3:00 p.m. on September 5 by the Ministry of Finance - Ministry of Industry and Trade.
Specifically, the price of E5 RON 92 gasoline decreased by VND353/liter, down to VND19,979/liter; RON 95 gasoline decreased by VND282/liter, down to VND20,827/liter.
Price of 0.05S diesel: down 385 VND/liter, down to 18,092 VND/liter; Kerosene down 341 VND/liter, down to 18,724 VND/liter; 180CST 3.5S mazut oil down 407 VND/kg, down to 15,155 VND/kg.
According to data, after many consecutive recent decreases, domestic gasoline prices are at their lowest level in 2024. Since the beginning of this year, domestic gasoline prices today have been adjusted 36 times with 17 increases and 19 decreases.
In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Today (September 12) is the time to regulate retail gasoline prices according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on gasoline trading.
According to recent fluctuations in the international petroleum market, it is likely that domestic petroleum prices will decrease during this adjustment period. Petroleum trading companies predict that, without intervention from the Price Stabilization Fund, gasoline prices could decrease by VND1,050 to VND1,250 per liter, and diesel prices could decrease by VND950 to VND1,050 per liter. However, if the management agency uses the Price Stabilization Fund, the price reduction may not be as large as expected.
If these predictions come true, this will be the fourth consecutive price reduction of domestic gasoline, with RON 95 gasoline prices likely to fall below VND20,000 per liter.
