Gasoline price today January 8, 2025: Continue to increase

World oil prices today

According to Trading Economics data, at 7:30 a.m. on November 8, WTI oil price was trading at 74.67 USD/barrel, up 0.97% compared to last week; similarly, Brent oil was also at 77.35 USD/barrel, up 1.12%.

Traders are looking to China's stimulus plans to boost growth as supplies tighten after the Christmas and New Year holidays, according to Forex market analyst Razan Hilal.

“Although the market is currently range-bound, it is posting gains on expectations of improved demand amid increased holiday traffic and China’s economic commitments. However, the main trend remains bearish,” he added.

Some market participants appear to have started to assess the risk of a small supply disruption to Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

Concerns about tightening supplies due to sanctions have translated into increased demand for Middle Eastern oil, reflected in Saudi Arabia’s February crude prices rising in Asia for the first time in three months.

In China, Shandong Port Group has issued a notice banning US-sanctioned oil tankers from its port network, potentially restricting blacklisted vessels from major energy ports on China's east coast, Reuters reported, citing people familiar with the matter.

Shandong Port oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are key ports for sanctioned oil imports.

Meanwhile, cold weather in the US and Europe boosted demand for heating oil, although oil price gains were limited by global economic data.

Domestic gasoline prices today

Domestic retail gasoline prices today remain the same as the adjustment period on January 2, 2025. Specifically:

E5 RON 92 gasoline: Increase by 240 VND/liter, not higher than 20,057 VND/liter.

RON 95 gasoline: Increase by 199 VND/liter, not higher than 20,746 VND/liter.

Diesel: Increase by 125 VND/liter, not higher than 18,755 VND/liter.

Kerosene: Increase by 126 VND/liter, not higher than 18,834 VND/liter.

Fuel oil: Increase by 129 VND/kg, not higher than 16,099 VND/kg.

This is the first price adjustment in 2025. Compared to the same period last year, gasoline prices are VND1,170/liter lower and oil prices are VND610/liter lower, benefiting consumers and transport businesses.

According to plan, the Ministry of Industry and Trade and the Ministry of Finance will adjust retail gasoline prices periodically tomorrow (January 9).

The leader of a key petroleum distribution enterprise in the South said that after the previous adjustment period, crude oil prices have continuously increased.

Specifically, gasoline prices are expected to increase by about 300-400 VND/liter, diesel may increase more strongly by about 450-500 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly spend the Price Stabilization Fund, gasoline prices may increase less.

In addition, the owner of a petroleum distribution company in the North also predicted that petroleum prices will continue to increase in tomorrow's operating period. The discount on petroleum on January 8 at many warehouses is around 1,000-1,100 VND/liter.

If forecasts are correct, domestic RON 95 gasoline prices will increase for two consecutive sessions after only one decrease. Currently, this fuel price is still at its lowest level in more than 3 years, equivalent to June 2021. Since the beginning of 2024, gasoline has increased 25 times and decreased 27 times. Diesel has increased 23 times and decreased 28 times.

The room for the petroleum price stabilization fund of some key enterprises still recorded a large positive level due to many operating periods without using the fund. The fund balance as of the end of the second quarter of 2024 was VND 6,061 billion, down VND 18 billion compared to the previous quarter and the fifth consecutive quarter of decrease. Compared to the end of 2023, the fund balance decreased by nearly VND 600 billion.