Gasoline prices today December 18, 2024: All decline
Oil prices today December 18, 2024: WTI and Brent oil prices both decreased, recording the third consecutive price decrease.
World oil prices
At 6:40 a.m. this morning (Vietnam time), the international crude oil price data sites TradingEconomics and Oilprice recorded a decrease in the prices of both WTI and Brent crude oil on the New York market.
Specifically, WTI oil price is currently trading at 70.1 USD/barrel, down 0.56 USD/barrel compared to yesterday, equivalent to a decrease of nearly 0.8% on the day. Similarly, Brent oil price decreased 0.7 USD/barrel, down to 73.2 USD/barrel, equivalent to a decrease of 0.94% compared to yesterday.
In recent days, the crude oil market has been volatile, with fluctuations mainly due to the impact of OPEC+'s decision to extend production cuts until the end of the first quarter of 2025. In addition, the International Energy Agency (IEA) has slightly revised up its outlook for oil demand next year, although it still forecasts that crude oil supply will be stable.
OPEC on Wednesday cut its forecast for oil demand growth in 2024, marking the fifth consecutive monthly downward revision. The outlook for next year is being negatively affected by rising supply from non-OPEC and allied countries (OPEC+), while oil demand shows signs of slowing, especially in China.
In addition, the unstable political situation in some regions, especially the tense developments in Syria, when rebels overthrew the government, has also directly impacted global crude oil prices.
Domestic gasoline prices
Currently, today's gasoline price on December 18 is adjusted according to the joint decision of the Ministry of Industry and Trade - Ministry of Finance on December 12, accordingly, the price of RON 95 gasoline increased slightly, while oil products continued to decrease.
Specifically:
- Retail price of RON 95 gasoline is over 20,596 VND/liter;
- Retail price of E5RON92 gasoline is at 19,861 VND/liter;
- Retail price of 0.05S diesel is over 18,255 VND/liter;
- Retail price of kerosene is more than 18,566 VND/liter;
- Retail price of 180CST 3.5S fuel oil is more than 15,574 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.
On December 10, the Department of Science and Technology coordinated with the Center for Vocational Training on Standards, Metrology and Quality to organize the opening of a training course on petroleum measuring column inspectors for 15 students of the Center for Science and Technology of Binh Phuoc province.
The course, taught by Lecturer Phan Minh Hai, provides knowledge about metrology, structure of fuel measuring columns and inspection procedures according to DLNV 10:2017. Students are also instructed on how to seal and lead the components after inspection.
The program helps ensure accurate measurements in production and business, improve product quality, save costs, reduce losses and increase production efficiency. At the same time, the course helps students comply with legal regulations, supporting sustainable business development.
