Gasoline prices dropped across the board today, December 27, 2024
Gasoline prices today December 27, 2024: E5 RON 92 gasoline price decreased by 430 VND/liter and RON 95 gasoline decreased by 460 VND/liter. Since the beginning of the year, gasoline has increased 24 times and decreased 27 times.
Domestic gasoline prices
On the afternoon of December 26, the Ministry of Finance and the Ministry of Industry and Trade jointly announced changes to retail gasoline prices. The effective time is from 3:00 p.m. the same day.
The regulatory agency decided to reduce the price of E5 RON 92 gasoline by VND430/liter and RON 95 gasoline by VND460/liter. After adjustment, the maximum retail price of E5 RON 92 gasoline is VND19,810/liter and RON 95 gasoline is VND20,540/liter.
Similarly, oil prices were also adjusted down in today's management period. Specifically, diesel oil decreased by 100 VND/liter to 18,630 VND/liter; kerosene decreased by 260 VND/liter to 18,700 VND/liter; meanwhile, mazut oil increased by 70 VND/kg to 15,970 VND/kg. In this management period, the joint ministries still maintained not to draw or spend from the price stabilization fund.
Thus, the domestic price of RON 95 gasoline has reversed to decrease after 2 consecutive increases. Currently, the price of this fuel is still at the lowest level in more than 3 years, equivalent to June 2021. Since the beginning of the year, gasoline has increased 24 times, decreased 27 times. Diesel has increased 22 times and decreased 28 times.
World oil prices
On the world crude oil price trading pages TradingEconomics and Oilprice at 6:47 a.m. (Vietnam time), WTI crude oil price was trading around 69.65 USD/barrel, down 0.5 USD/barrel compared to yesterday, equivalent to a decrease of 0.7%.
Brent oil price traded around 73.2 USD/barrel, down 0.3 USD/barrel, down 0.5% on the day.
China has agreed to issue 3 trillion yuan ($411 billion) in special treasury bonds next year to boost fiscal stimulus to revive the weakening economy, Reuters reported, citing sources.
Commenting on the news, chief economist Tim Snyder at Matador Economics said: "Stimulating a country's economy will increase demand and increased demand will push prices higher."
The World Bank (WB) on December 26 raised its economic growth forecast for China in 2024 and 2025, but warned that declining household and business confidence, along with obstacles in the real estate sector, will continue to put pressure on the country's growth in 2025.
Based on the impact of recent policy easing and Beijing's near-term export strength, the World Bank forecasts China's gross domestic product growth at 4.9% this year, up from its June forecast of 4.8%. The World Bank forecasts China's growth at 4.5% in 2025, up from its previous forecast of 4.1%.
Oil prices rose early in the session on news of China’s special treasury bond offering, but prices reversed course, weighed down by the dollar, which continued to rise after hitting a key level last week. A stronger dollar makes oil more expensive for holders of other currencies.
On U.S. oil inventories, the American Petroleum Institute said crude inventories fell by 3.2 million barrels last week. The official inventory report will be released by the U.S. Energy Information Administration later today. The inventory data is released later than usual due to the Christmas holiday.
Analysts polled by Reuters expect U.S. crude inventories to fall by about 1.9 million barrels in the week to December 20, while gasoline and distillate inventories are expected to fall by 1.1 million barrels and 0.3 million barrels, respectively.