Gasoline price today January 9, 2025: Sudden plunge, domestic forecast to increase
Gasoline prices today January 9, 2025: World oil prices suddenly plummeted due to the continued sharp increase in US gasoline and distillate inventories. Domestic oil prices are expected to be adjusted upward.
World oil prices
Opening the trading session this morning, Thursday, January 9, at 5:30 a.m. (Vietnam time), world crude oil prices traded on TradingEconomics and Oilprice simultaneously plummeted.
According to Oilprice at 5:30 a.m. on January 9, 2025 (Vietnam time), WTI oil price was at 73.33 USD/barrel, down 1.23% (equivalent to a decrease of 0.91 USD/barrel). Similarly, Brent oil price was at 76.2 USD/barrel, down 1.1% (equivalent to a decrease of 0.85 USD/barrel).
Oil prices fell more than 1% as a stronger dollar and a large increase in U.S. fuel inventories last week weighed on prices, reversing earlier gains due to tight supplies from Russia and other OPEC members. Brent crude fell 89 cents, or 1.16%, to $76.23 a barrel. U.S. West Texas Intermediate crude fell 93 cents, or 1.25%, to $73.32.
Gasoline stocks rose 6.3 million barrels last week to 237.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.5 million-barrel increase. Distillate stocks rose 6.1 million barrels last week to 128.9 million barrels, compared with expectations for a 600,000-barrel increase, according to data released Wednesday by the U.S. Energy Information Administration.
Crude inventories fell 959,000 barrels to 414.6 million barrels in the week, compared with analysts' expectations for a decrease of 184,000 barrels. A stronger dollar also weighed on oil prices, making it more expensive for holders of other currencies.
Domestic gasoline prices
Today's gasoline price, January 9, will be adjusted periodically at 3:00 p.m. this afternoon. According to many opinions, the price may increase slightly because crude oil prices have increased for many consecutive sessions this week. Currently, today's gasoline price is still being adjusted according to the adjustment decision on January 2 by the Ministry of Industry and Trade - Ministry of Finance.
Specifically:
- 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.
In this operating period, given the above-mentioned developments in world oil prices; fluctuations in: VND/USD exchange rate, weighted average import tax rate applied in the formula for calculating the base price of oil, average E100 price and current regulations, the Ministry of Industry and Trade - Ministry of Finance jointly decided on a plan to manage oil prices to ensure that fluctuations in domestic oil prices are consistent with fluctuations in world oil prices.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, petroleum prices will continue to increase. Of which, gasoline prices will increase by about 300-400 VND/liter; oil prices will increase by about 540 VND/liter.
