Gasoline price today December 26, 2024: Domestic gasoline price expected to decrease

World oil prices

Brent crude oil prices are currently anchored at $73.58/barrel and WTI crude oil is stable at $70.1/barrel in the trading session on December 25 as the US market is closed for the day due to the Christmas holiday. According to Reuters, there are also no reports on the global oil market on December 25.

Regarding supply-demand growth next year, analysts said crude oil production from countries outside the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will increase amid modest growth in global crude oil demand. This will help keep the market well supplied.

2024 is drawing to a close. The latest US economic data shows that the US economy is growing strongly. Reuters reported that new orders for key US manufactured goods jumped 0.7% in November after falling 0.1% in October. Demand for machinery increased sharply, while new home sales rebounded after being affected by the hurricanes. Although consumer confidence fell sharply in December, down 8.1 points to 104.7, consumers remained optimistic about the outlook for the labor market. Together with strong consumer spending data last week, the new data confirms that the US Federal Reserve will cut interest rates less in the coming year.

At its mid-December meeting, the Fed cut interest rates by 0.25 percentage points to 4.25%-4.5%, as expected by analysts, but signaled that it would only cut rates by another 50 basis points next year. This sent oil prices tumbling. However, the catalyst from Beijing has gradually warmed the oil market.

ING commodity strategists Warren Patterson and Ewa Manthey said oil demand growth will remain “fairly modest” into 2025 due to both cyclical and structural factors. Strong non-OPEC supply growth, OPEC’s large amount of spare capacity, a rising US dollar and unresolved geopolitical uncertainties in the Middle East will continue to weigh on the oil market next year.

Domestic gasoline prices

Domestic retail prices of gasoline on December 26 are as follows:

E5 RON 92 gasoline is not more than 20,244 VND/liter.

RON 95-III gasoline is not more than VND 21,004/liter.

Diesel oil not more than 18,733 VND/liter.

Kerosene not more than 18,968 VND/liter.

Fuel oil not exceeding 15,903 VND/kg.

Based on the developments of world oil prices, representatives of some oil companies said that domestic gasoline prices at the management session this afternoon, December 26, could be adjusted down.

Accordingly, if the regulatory agency does not affect the stabilization fund, gasoline prices may decrease by 350-450 VND/liter, and oil prices may decrease by about 190 VND/liter/kg. In case the regulatory agency draws from the fund, gasoline prices may decrease less.

Meanwhile, the Vietnam Petroleum Institute (VPI)'s gasoline price forecast model shows that, in the afternoon of December 26, gasoline prices may decrease by 1.8%, while oil prices may decrease by 0.1 - 1.2%.

Specifically, according to VPI, the price of E5 RON92 gasoline may decrease by 372 VND to 19,868 VND/liter. RON95 gasoline may decrease by 383 VND to 20,617 VND/liter. Kerosene price may decrease by 1.2% to 18,725 VND/liter, diesel oil may decrease by 1% to 18,541 VND/liter, and mazut oil may decrease by 0.1% to 15,881 VND/kg.

VPI also forecasts that the Ministry of Finance and Industry and Trade will continue not to set aside or use the price stabilization fund this time.