Gasoline price today 11/12/2024: Oil prices increase across the board
Oil prices today December 11, 2024: Oil prices increased slightly with WTI oil price increasing by 0.4 USD/barrel, Brent oil price increasing by nearly 1 USD/barrel compared to yesterday.
World oil prices
World crude oil price data from TradingEconomics and Oilprice shows that crude oil prices increased slightly.
Specifically, at 6:55 a.m. (Vietnam time) today, December 11, WTI oil price was trading around 68.5 USD/barrel, up 0.4 USD/barrel, up 0.24% on the day.
Brent crude oil prices are trading around $72/barrel, up nearly $1/barrel from yesterday. During the night of December 10, there were times when WTI and Brent crude oil prices increased very high, with Brent crude oil at one point rising to $72.6/barrel.
In recent days, the world crude oil price market has fluctuated erratically due to the direct impact of the decision to extend production cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) until the end of the first quarter of 2025.
In addition, many hot political developments increased, political turmoil in Syria when rebels overthrew the government had a direct impact on world crude oil prices.
Support came from reports that China will adopt a more accommodative monetary policy in 2025 as Beijing tries to boost economic growth. This would be the first easing in 14 years, although details remain scarce.
China’s crude imports also rose on an annual basis for the first time in seven months, jumping in November from a year earlier. However, the increase was due to higher inventories rather than improved demand, said Tamas Varga of oil broker PVM.
“The economy will only be stimulated by improving consumer sentiment and spending, by increasing domestic aggregate demand together with increasing consumer inflation,” he added.
Speculation about winter demand is also a factor, according to Phil Flynn, senior analyst at Price Futures Group.
“Hedge funds are starting to buy due to tight supplies in the European market this winter,” he said.
Domestic gasoline prices
Domestic retail prices of gasoline on December 10 are as follows:
E5 RON 92 gasoline is not more than 19,864 VND/liter.
RON 95-III gasoline is not more than 20,563 VND/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 spend the Petroleum Price Stabilization Fund on 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.
Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 129/CD-TTg dated December 9, 2024 requesting ministries, branches and localities to strengthen the management and use of electronic invoices, and improve the efficiency of tax collection for e-commerce.
The Prime Minister requested agencies and organizations to increase the creation and use of electronic invoices in commercial transactions, especially in the retail sale of gasoline. This is an important measure to improve the efficiency of tax collection.
The Ministry of Industry and Trade is required to direct petroleum retail enterprises and petroleum stations nationwide to strictly implement the issuance of electronic invoices for each sale to customers. This helps ensure transparency and accuracy in tax collection.
The Ministry of Finance must strengthen inspection and supervision of the issuance of electronic invoices at gas stations. Tax authorities must proactively coordinate with the police and relevant agencies to monitor the implementation of electronic invoices, ensure compliance with the law and strictly handle violations.
The Prime Minister requested inspections of petrol retail stores regarding the use of devices such as POS machines, tablets, and phones to issue electronic invoices. Invoicing must ensure compliance with legal regulations and data connection with tax authorities for effective management and monitoring.