Oil prices today December 5, 2024: WTI and Brent oil prices decreased by nearly 2%
Oil prices today December 5, 2024: WTI and Brent oil prices fell nearly 2% as investors awaited OPEC+'s decision.
World oil prices
Today's oil price, December 5, based on Oilprice data at 6:30 a.m. (Vietnam time), WTI oil price reached 68.70 USD/barrel, down 1.79% (equivalent to a decrease of 1.25 USD/barrel), while Brent oil was at 72.31 USD/barrel, down 1.78% (equivalent to an increase of 1.31 USD/barrel).
Oil futures fell nearly 2% today as investors awaited a decision by OPEC+ on production cuts. Brent crude fell $1.31, or 1.78%, to $72.31 a barrel, while WTI crude fell $1.40, or 2%, to $68.54 a barrel.
Despite Tuesday’s strong gains, the market remained uncertain as OPEC+ is expected to meet on Thursday and possibly extend production cuts into the first quarter of next year. In addition, a bank sold a large amount of crude oil contracts, causing prices to fall suddenly. The EIA said U.S. crude inventories fell more than expected as refineries ramped up operations.
Domestic gasoline prices
The domestic retail price of gasoline on the morning of December 5, 2024 will be applied according to the price at the management session on the afternoon of November 28 of the Ministry of Finance - Industry and Trade.
Accordingly:
- RON 95-III gasoline price (common type on the market) increased by 330 VND/liter, retail price increased to 20,850 VND/liter;
- E5 RON 92 gasoline price increased by 500 VND, retail price at 19,840 VND/liter;
- Diesel price increased by 270 VND/liter, retail price 18,770 VND/liter;
- Kerosene price increased by 220 VND/liter, retail price is 19,140 VND/liter;
- Fuel oil price increased by more than 110 VND/kg, retail price is more than 16,120 VND/kg.
Thus, since the beginning of the year, domestic gasoline prices have increased 23 times and decreased 24 times. Oil prices have increased 21 times and decreased 26 times.
Based on the developments in world oil prices, some oil businesses predict that domestic gasoline prices may be adjusted down in the operating period on December 5.
If the regulator does not use the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by VND60 to VND350 per liter. Similarly, diesel prices could fall by about VND360 to VND400 per liter.
In case the regulatory agency draws from the Price Stabilization Fund, gasoline prices may decrease less or remain the same.
If this forecast is correct, domestic gasoline prices will decrease after being adjusted up last week.
The Ho Chi Minh City Tax Department has recently issued a warning about issuing invoices to gas stations. Specifically, although the tax authority has organized many campaigns to educate and guide gas stations in Ho Chi Minh City, in reality, many gas stations still use manual methods to enter information for each sale and create electronic invoices.
Because the creation of retail invoices for gasoline depends entirely on data entry from the seller, it can lead to incomplete electronic invoices, lacking information about each sale.
The Ho Chi Minh City Tax Department said that the solution to automatically connect sales data, from the petrol meter to the management system, will help overcome errors in data entry. This system will transmit invoice data to the tax authority, helping to ensure the accuracy and completeness of electronic invoices.
Ho Chi Minh City Tax Department emphasized that petroleum businesses need to fully recognize their responsibilities and properly implement regulations on issuing electronic invoices for each sale, as stipulated in Decree No. 123/2020 of the Government.
In addition, the Ho Chi Minh City Tax Department also said that it is currently participating in an interdisciplinary inspection team on gasoline and oil according to Decision No. 1494 of the Ho Chi Minh City People's Committee. The inspection team will compare data from gasoline and oil measuring columns with invoice data that business units have created.
If violations such as not issuing electronic invoices, issuing invoices at the wrong time, or transferring electronic invoice data past the deadline are detected, units will be penalized according to regulations.
Any petroleum business enterprise having difficulty in implementing this regulation can contact the directly managing tax authority, or the Department of Science and Technology and the Department of Standards, Metrology and Quality for timely support.
