Gasoline price today January 2, 2025: Forecast to increase

World crude oil prices

World crude oil prices continued to rise sharply on January 2, 2025, marking the second consecutive increase in the new year. Both WTI and Brent crude oil prices recorded higher prices than yesterday.

According to data from trading sites TradingEconomics and Oilprice, at 6:55 a.m. (Vietnam time), WTI crude oil price reached about 71.9 USD/barrel, up 0.26 USD/barrel (0.37%) compared to the previous day. Similarly, Brent oil price also increased 0.27 USD/barrel, reaching 74.9 USD/barrel, with an increase equivalent to 0.37%.

Compared to the average of December 2025, WTI and Brent crude oil prices on the first day of 2025 increased sharply, exceeding from 4.3% to more than 5.7%. This is the highest increase in the past three months, showing a significant recovery of the crude oil market.

Recent fluctuations in crude oil prices have been directly influenced by the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to extend production cuts until the end of the first quarter of 2025. In addition, the International Energy Agency (IEA) has slightly increased its oil demand outlook for next year, although it still expects the market to be fully supplied.

The oil market outlook for 2025 is under negative pressure due to increasing supply from non-OPEC+ countries while oil demand slows, especially from China. This may continue to cause unpredictable fluctuations in the global crude oil market.

Domestic gasoline prices

Current domestic gasoline prices are:

- E5RON92 gasoline price decreased by more than 427 VND/liter, retail price is not higher than 19,817 VND/liter, lower than RON95-III gasoline by 730 VND/liter.

- RON95-III gasoline price decreased by 457 VND/liter, retail price not higher than 20,547 VND/liter.

- Diesel 0.05S price decreased by 103 VND/liter, retail price not higher than 18,630 VND/liter;

- Kerosene price decreased by 260 VND/liter compared to the current base price, retail price not higher than 18,708 VND/liter;

- The price of 180CST 3.5S fuel oil increased by 67 VND/kg compared to the current base price, the retail price is not higher than 15,970 VND/kg.

The Ministry of Industry and Trade said that the world oil market during the operating period from December 19, 2024 to December 25, 2024 is affected by many factors. Specifically, the European Union passed a package of sanctions against Russia (a member of OPEC+), geopolitical risks in the Middle East, and the ongoing military conflict between Russia and Ukraine. These factors cause world oil prices to fluctuate depending on the product.

Domestic gasoline prices today, January 2, are forecast to increase if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the Petroleum Price Stabilization Fund. This information was released in the context of many fluctuations in the world petroleum market.

According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world market. In the price adjustment period this afternoon, petroleum prices are expected to be adjusted in opposite directions: gasoline will increase by about 150 VND/liter, while oil will decrease by about 60 VND/liter.