Gasoline price on December 24: Slightly increasing trend
The oil market on December 24th tends to increase slightly. Meanwhile, domestic oil prices are likely to decrease in the coming days.
World oil prices
According to Reuters, both major oil types, Brent and WTI, recorded gains when opening the trading session on December 24. Previously, at the end of the session on December 23, oil prices fell slightly due to the less active trading market before the Christmas holiday, along with concerns about excess supply in 2025 and the appreciation of the USD.
Specifically, Brent oil price decreased by 31 cents, equivalent to 0.43%, to 72.63 USD/barrel; WTI oil decreased by 22 cents, equivalent to 0.32%, closing at 69.24 USD/barrel.
A December report by Macquarie predicted that the supply surplus could reduce the average price of Brent crude to $70.50 a barrel by 2024, significantly lower than this year's average of $79.64 a barrel.
Concerns about European supplies eased as the Druzhba oil shipping route resumed operations after a technical problem on December 9. A strong US dollar also continued to put downward pressure on oil prices. Analyst Giovanni Staunovo of UBS said the shift from a weak to a strong US dollar had erased previous gains, making oil more expensive for holders of other currencies.
Factors affecting the oil market
Oil prices were pressured lower last week by concerns about global economic growth and weakening demand. Economic data from the US showed a decline in inflation, but mixed messages from the US Federal Reserve added to the uncertainty. John Kilduff, partner at Again Capital, said the market was being affected by mixed economic signals.
Research by Sinopec, Asia's largest oil refiner, also showed that China's oil consumption could peak in 2027, further putting downward pressure on prices.
Domestic gasoline prices on December 24
Current domestic retail prices of gasoline are as follows:
E5 RON 92 gasoline: No more than VND 20,244/liter.
RON 95-III gasoline: Not more than VND 21,004/liter.
Diesel: Not more than 18,733 VND/liter.
Kerosene: Not more than 18,968 VND/liter.
Fuel oil: Not more than 15,903 VND/kg.
The Ministry of Finance and the Ministry of Industry and Trade plan to adjust gasoline prices in the operating period on December 26. Domestic gasoline prices may decrease slightly following the world market trend if the next trading sessions continue to decrease. However, the price increase may continue if world oil prices suddenly increase.
In the previous adjustment period, all types of gasoline and oil increased: E5 RON 92 gasoline increased by 383 VND/liter, RON 95-III gasoline increased by 408 VND/liter, diesel increased by 478 VND/liter, kerosene increased by 402 VND/liter and mazut increased by 329 VND/kg.