According to Lao Dong's records at 7:44 a.m. on January 13, WTI crude oil price was at 77.16 USD/barrel, up 1.42 USD/barrel, equivalent to an increase of 1.86%. Brent oil was at 81.25 USD/barrel, up 1.51 USD/barrel, equivalent to an increase of 1.89%.
World oil prices increased sharply last week, especially in the weekend trading session, extending the increase to the third consecutive week, reaching the highest level in the past three months.
Chinese and Indian refiners are ramping up oil imports from the Middle East, Africa and the Americas as new U.S. sanctions on Russian producers and tankers limit supplies to Moscow’s top customers, traders and analysts said.
The US Treasury Department has imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 Russian tankers, in a bid to cut off revenue Moscow uses to finance its war with Ukraine.
The new sanctions will force China and India to return to a compliant oil market, seeking more supplies from the Middle East, Africa and the Americas, sources said. Spot prices for oils from the region have risen in recent months due to increased demand from China and India, while supplies from Russia and Iran have tightened and become more expensive.
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 likely continue to increase. Of which, diesel prices will increase more, gasoline prices will increase slightly.
Domestic retail prices of gasoline and oil on January 12, 2025 will be applied according to the price level at the management session on the afternoon of January 9 of the Ministry of Finance - Industry and Trade.
Accordingly, E5 RON 92 gasoline increased by 374 VND/liter, not higher than 20,431 VND/liter. RON 95 gasoline price increased by 273 VND/liter, not higher than 21,019 VND/liter.
Similarly, the prices of various types of oil also increased simultaneously. Of which, diesel increased by 488 VND/liter, not higher than 19,243 VND/liter; kerosene increased by 410 VND/liter, to 19,244 VND/liter and fuel oil increased by 83 VND/kg, not higher than 16,182 VND/kg.
