Gasoline prices today December 4, 2024: Increased by more than 2% due to political instability
Oil prices today December 4, 2024: Crude oil prices increased more than 2% in the trading session on December 3 as Israel threatened to attack the Lebanese state if the ceasefire agreement with Hezbollah collapsed.
World oil prices
According to data from TradingEconomics and Oilprice, world crude oil prices increased again in the morning trading session on December 4. At 6:30 a.m. (Vietnam time), WTI oil price reached 70 USD/barrel, up 1.87 USD/barrel, equivalent to an increase of 2.75% compared to the previous session.
At the same time, Brent oil price was trading around 73.7 USD/barrel, up 1.79 USD/barrel, or 2.49% compared to yesterday.
One factor that has weighed on oil prices is tensions in the Middle East, particularly Israeli attacks on Hezbollah fighters who are accused of violating the ceasefire in Lebanon. Lebanese officials have called on the United States and France to pressure Israel to maintain the ceasefire. Analyst Giovanni Staunovo of UBS said that the instability in Lebanon could affect the sentiment of oil traders, although the conflict has not yet disrupted oil supplies. However, traders will continue to closely monitor tensions between Iran and Israel in the coming period.
One factor supporting oil prices is the possibility that OPEC and its allies will extend the production cut agreement at a meeting on December 5. According to Reuters, the group may extend the supply reduction agreement until the end of the first quarter of next year.
OPEC+ accounts for about half of global oil production and is looking to gradually lift production restrictions next year. However, the prospect of a supply surplus in the market has put pressure on oil prices, with Brent currently trading about 6% below its December 2023 average.
Scott Shelton, energy analyst at TP ICAP, said the extension of the OPEC+ production cut deal would help limit the market surplus and ease pressure on future oil prices. However, studies show the outlook for global oil demand remains weak, and China’s crude imports could peak early next year as demand for transportation fuels begins to decline.
Domestic gasoline prices
The domestic retail price of gasoline on December 4, 2024 will be applied according to the price level 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 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.
The proposal that distributors are not allowed to trade with each other and the current mechanism for regulating gasoline prices continues to cause controversy. Recently, representatives of the TNPP group sent an official document to the Ministry of Industry and Trade to express their views on this issue.
The TNPP Group continues to give opinions on the 4th Draft of the Decree on Petroleum Business, replacing Decrees 83/2014, 95/2021 and 80/2023. Enterprises that are distributors and retailers of petroleum (TNPP) have sent documents to the Ministry of Industry and Trade and the Vietnam Petroleum Association (VINPA) to present their views.
Mr. Hoang Trung Dung, Director of APP Petroleum Additives and Products Development Joint Stock Company, representing the TNPP group, said that in recent times, the TNPP group has actively contributed ideas to the Draft Decree on the new petroleum business. Many of the group's ideas and recommendations have received support from the public, experts and many National Assembly Deputies.
In the latest petition, the TNPP group focused on three main issues that have a major impact on the interests of distributors and the petroleum business environment.
Reduce the monopoly of large enterprises, help small and medium enterprises not be acquired.
Amend the Draft Decree to allow TNPPs to purchase petroleum from other TNPPs, while eliminating the classification of traders and clearly defining technical standards for petroleum trading activities.
Review the Petroleum Price Stabilization Fund, because it is considered ineffective and propose to apply a petroleum reserve mechanism.