Gasoline price today December 6, 2024: World oil price continues to decrease
Gasoline prices today December 6, 2024: World oil prices continue to decrease. Domestic gasoline prices were adjusted down in the afternoon of December 5.
World oil prices
WTI crude oil is currently trading at $68.7 per barrel, down $1.2 per barrel from the previous day, or a decrease of 1.72%. Meanwhile, Brent crude oil is trading around $72.4 per barrel, down $1.2 per barrel, or a decrease of 1.64% from the previous day.
Crude oil prices had previously surged due to political tensions in South Korea, but have since fallen sharply after the political situation in the country stabilized. However, tensions in the Middle East continue to be a major factor affecting oil prices.
According to Reuters, Israel continues to attack Hezbollah despite the ceasefire agreement that took effect on November 27. This has raised concerns about the security situation in the Middle East, causing global oil prices to increase by more than 2% when Israel threatened to attack Lebanon if the ceasefire agreement is broken.
Oil prices were also supported by news from OPEC+ that the group may extend its oil production cut agreement until the end of the first quarter of 2025 at its meeting on December 5. This is to reduce the risk of oversupply and stabilize oil prices.
According to Scott Shelton, analyst at TP ICAP, OPEC+ extending the production cut period will help stabilize the market and create conditions for a soft landing for oil prices.
Domestic gasoline prices
Domestic retail prices of gasoline on December 6 are as follows:
E5 RON 92 gasoline is not more than 19,864 VND/liter.
RON 95-III gasoline is not more than VND 20,563/liter.
Diesel oil not more than 18,382 VND/liter.
Kerosene not more than 18,817 VND/liter.
Fuel oil not exceeding 16,125 VND/kg.
During this period of gasoline price management, the management agency did not set aside the Petroleum Price Stabilization Fund and did not use the Petroleum Price Stabilization Fund for petroleum products. Since the beginning of the year, gasoline prices have increased 22 times and decreased 26 times, while diesel prices have increased 21 times and decreased 26 times.
Regarding petroleum management, the Ministry of Finance recently proposed to continue applying environmental protection tax in 2025. Specifically, the tax on gasoline is 2,000 VND/liter; on jet fuel, diesel, fuel oil, and lubricants is 1,000 VND/liter; and on grease is 1,000 VND/kg.
From 2026, the environmental protection tax is expected to return to the ceiling level according to current regulations. Specifically, the tax on gasoline (except ethanol) will be 4,000 VND/liter; jet fuel 3,000 VND/liter; diesel, fuel oil, and lubricants 2,000 VND/liter; kerosene 1,000 VND/liter and grease 2,000 VND/kg.
With the estimated consumption of gasoline, oil and grease in 2025 being equivalent to this year, the Ministry of Finance forecasts that the state budget will decrease by about VND44,224 billion. Of which, more than VND40,204 billion will be due to a reduction in environmental protection tax, and more than VND4,020 billion will be from value added tax.
