Gasoline price today January 3, 2024: Sharp increase after Tet

World oil prices

Oil prices rose about 2% on Friday, buoyed by optimism about China’s economic outlook and fuel demand. President Xi Jinping’s pledge to boost growth reinforced those hopes. Brent crude rose $1.47 to $76.11 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.62 to $73.34 a barrel.

According to expert Jim Ritterbusch, oil prices may continue to rise if there is no profit-taking pressure. He predicts that WTI prices may exceed $74/barrel, thanks to positive economic signals from China. Although China's manufacturing activity increased more slowly than expected, the service and construction sectors showed positive signs, reflecting the effectiveness of economic stimulus policies.

Data from the U.S. Energy Information Administration (EIA) showed gasoline and distillate inventories rose sharply last week, while crude inventories fell less than expected. However, analysts said weak data from China could prompt Beijing to step up economic stimulus, thereby supporting oil prices.

Traders are weighing geopolitical risks and U.S. economic growth under President-elect Donald Trump. Oil prices could be capped around $70 a barrel in 2025 as weak demand from China and rising global supplies blunt the impact of OPEC+ output cuts, according to a Reuters poll.

Domestic gasoline prices: Gasoline prices increase sharply

According to the decision of the Ministry of Industry and Trade - Ministry of Finance, domestic retail gasoline prices have been adjusted up from 3:00 p.m. on January 2. This adjustment is based on fluctuations in world gasoline prices, VND/USD exchange rate, import tax rates, and average E100 prices, to ensure domestic prices are consistent with international market trends.

Domestic gasoline prices increased across the board in the new year.

- E5 RON 92 gasoline price increased by 240 VND/liter, retail price is more than 20,057 VND;

- RON 95 gasoline price increased by more than 199 VND/liter, retail price is more than 20,746 VND/liter;

- Diesel oil increased by 125 VND, retail price exceeded 18,755 VND/liter;

- Kerosene price increased by 126 VND, retail price is more than 18,834 VND/liter;

- Fuel oil price increased by 129 VND/liter, retail price exceeded 16,099 VND/liter.

The Joint Ministry continues to maintain a reasonable price difference between E5RON92 biofuel and RON95 mineral gasoline. This is to encourage consumers to use biofuel, in line with the Government's policy on environmental protection and sustainable development.

This plan to manage gasoline prices also aims to balance the interests of market participants, including businesses and consumers. This helps maintain stability and transparency in fuel price management, while accurately reflecting global market developments.