Gasoline price today August 26, 2024: Continue to increase after Fed meeting
Gasoline prices today, August 26, 2024, increased by approximately 50 cents, especially after the Fed Chairman's statement expecting an interest rate cut in September.
World oil price 8/26/2024
At the New York Mercantile Exchange, Brent and WTI oil prices both increased by about 50 cents on the morning of August 26, Vietnam time.
Last week, Brent crude fell 66 cents and WTI fell nearly $2, marking a weekly decline for both crudes.
Conflicts in the Middle East continue to dominate the oil market, with efforts to negotiate peace in the Gaza Strip and tensions between Israel and Hezbollah.
Greg Ebel, CEO of Enbridge, in an interview with Bloomberg, predicted that oil demand will surge, possibly exceeding 110 million barrels per day by 2050.
This forecast contradicts the view of the International Energy Agency, which believes demand will fall to 97 million barrels per day by 2050.
Economic growth, especially in developing countries, will boost demand for oil due to its light, efficient and low-cost nature, Ebel said.
Enbridge's forecast for oil demand is similar to that of the Organization of the Petroleum Exporting Countries, which estimates 116 million barrels per day by 2045.
Domestic gasoline prices August 26, 2024
Since August 22, fuel prices have decreased according to the decision of the Ministry of Industry and Trade and the Ministry of Finance.
RON 95-III gasoline price decreased by 540 VND, to 21,310 VND/liter. E5 RON 92 decreased by 460 VND, to 20,420 VND/liter.
Diesel oil decreased by 460 VND, to 18,770 VND/liter. Kerosene decreased by 430 VND, to 19,140 VND/liter. Mazut decreased by 490 VND, to 15,750 VND/kg.
This year, gasoline prices have increased 17 times and decreased 16 times. Oil prices have increased 15 times and decreased 18 times. The gasoline price stabilization fund has not been used in this price adjustment period.
By the end of 2023, the Petroleum Price Stabilization Fund had a balance of more than VND6,655 billion. The Ministry of Industry and Trade affirmed that the fund has been used effectively to stabilize fuel prices, helping to control inflation and stabilize the economy.
From the beginning of 2024, the Ministry of Industry and Trade and the Ministry of Finance will not use the fund for fuel price management periods. According to Decree 80, fuel price management is carried out every 7 days, helping domestic prices accurately reflect world prices.
The Ministry of Industry and Trade also identified a number of problems in the use of the fund, such as improper use and non-compliance with the provisions of the Law on Prices.
