Gasoline price today December 20, 2024: Domestic gasoline prices increase simultaneously

World oil prices

WTI crude oil price is currently recorded at 69.46 USD/barrel, down slightly by 0.02 USD, equivalent to a decrease of 0.03%. Previously, the previous trading session closed at 69.48 USD/barrel, and the opening price today was recorded at 69.50 USD/barrel.

Meanwhile, Brent crude oil traded at $72.85/barrel, down $0.02/barrel, or 0.03%. The previous trading session ended at $72.87/barrel, while today's opening price was $73.00/barrel.

According to experts, oil prices on the international market are fluctuating unpredictably, the main reason being that OPEC+ continues to extend the production cut policy until the end of the first quarter of 2025.

However, the overall picture of the oil market next year is not very optimistic. The increase in supply from non-OPEC countries and the OPEC+ group is creating great pressure, while global consumption shows signs of slowing down, especially in China - one of the world's leading energy consuming countries.

Domestic gasoline prices

On the afternoon of December 19, the Ministry of Finance and the Ministry of Industry and Trade jointly announced the adjustment of retail gasoline prices. This change will take effect from 3:00 p.m. the same day.

According to the new decision, the price of E5 RON 92 gasoline increased by 380 VND/liter, while RON 95 gasoline increased by 410 VND/liter. After adjustment, the maximum price of E5 RON 92 gasoline is 20,240 VND/liter, while RON 95 gasoline is 21,000 VND/liter.

At the same time, the prices of various types of oil also increased during this adjustment period. Specifically, diesel increased by 480 VND/liter, to 18,730 VND/liter. Kerosene increased by 400 VND/liter, reaching 18,960 VND/liter, and fuel oil increased by 330 VND/kg, to 15,900 VND/kg. During this adjustment period, the joint ministries continued not to make any deductions or disbursements from the Petroleum Price Stabilization Fund.

For RON 95 gasoline, this is the second consecutive increase after a decrease. Currently, the price of this type of gasoline is still at its lowest level in more than 3 years, equivalent to July 2021.

Since the beginning of the year, gasoline prices have increased 25 times and decreased 25 times, while oil prices have increased 22 times and decreased 28 times. The Joint Ministry has maintained that the Price Stabilization Fund will not be used in recent management periods. By the end of the second quarter, the fund's balance was more than VND6,000 billion, a decrease of about VND600 billion compared to the end of 2023, according to a report by the Ministry of Finance.

The operator said that the fluctuations in fuel prices over the past week stemmed from many factors such as the European Union's new sanctions against Russia, geopolitical risks in the Middle East and the conflict between Russia and Ukraine. These factors have caused the prices of petroleum products to fluctuate strongly. On average, over the past 7 days, RON 95 gasoline prices increased by 2.5-2.6%, oil increased by 2.6-3.1%. Currently, the price of each barrel of RON 95 gasoline is 86.2 USD, diesel is 89.6 USD, and fuel oil price is 446.5 USD per ton.

The petroleum price stabilization fund of key enterprises still recorded a large positive balance due to its non-use in many recent operating periods. As of the end of the second quarter, the fund balance reached VND6,061 billion, a slight decrease of VND18 billion compared to the previous quarter and the fifth consecutive quarter of decrease. Compared to the end of 2023, the fund balance has decreased by nearly VND600 billion.

Over the past 11 months, the Ministry of Industry and Trade has held two meetings with petroleum businesses to assess the situation and resolve difficulties. In addition, the Ministry has also issued many directives to ensure the supply of petroleum during holidays, Tet and special times such as before and after storm No. 3. Enterprises are required to strictly comply with business regulations, maintain systems and periodically report to the Petroleum Price Stabilization Fund.