World oil prices today
World oil prices fluctuated in different directions. WTI crude oil was at 71.72 USD/barrel, down 0.14 USD/barrel, or 0.19%. WTI crude oil closed the previous trading session at 71.86 USD/barrel, opening today's session at 71.86 USD/barrel.
Brent crude oil was at $74.42 a barrel, up $0.85 a barrel, or 1.16 percent. Brent crude oil closed the previous trading session at $74.42 a barrel and opened today's session at $74.43 a barrel.
Thus, the world oil price at the end of the last trading session of 2024 fluctuated in opposite directions, with WTI crude oil slightly decreasing, while Brent oil increased sharply and remained at a high level, exceeding 74 USD/barrel. However, for the whole year, Brent oil price decreased by about 3% compared to the closing price of 77.04 USD/barrel in 2023. Meanwhile, WTI oil price remained flat, almost unchanged compared to the closing price in 2023.
Oil prices are likely to trade around $70 a barrel this year, as weak Chinese demand and rising global supplies offset efforts by OPEC and its allies (OPEC+) to shore up the market, Reuters reported.
The weaker demand outlook in China in particular has forced both OPEC and the International Energy Agency (IEA) to cut their global oil demand growth expectations for 2024 and 2025.
Domestic gasoline prices today
On January 1, 2025, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of December 26. Accordingly, the price of E5 RON 92 gasoline decreased by 427 VND/liter; RON 95-III gasoline decreased by 457 VND/liter. Oil products increased and decreased in different directions. Of which, diesel oil decreased by 103 VND/liter; kerosene decreased by 260 VND/liter; only mazut oil increased by 67 VND/kg.
Gasoline discount today
Discount prices of petroleum products today, January 1, 2025 at some domestic petroleum businesses are as follows:
Hoang Trong General Trading Company Limited: Diesel 0.05S - II: 1,050 VND/liter, applied at Hai Linh warehouse, Hai Phong; RON 95 - III gasoline: 900 VND/liter, applied at Hai Linh warehouse, Hai Phong; Diesel 0.05S - II: 900 applied at Bac Ninh warehouse; RON 95 - III gasoline: 750 VND/liter, applied at Bac Ninh warehouse; E5 gasoline: 800 VND/liter at Dinh Vu warehouse, Petec.
Tu Luc Petroleum: Discount on Diesel 0.05S-II: 1,050 VND/liter; Diesel 0.001S-V: 1,000; RON 95 - III gasoline: 900 VND/liter; E5 gasoline: 900 VND/liter.
MIPEC Gasoline: Discount on RON 95 - III gasoline: 950 VND/liter; E5 gasoline: 850 VND/liter; Diesel 0.05S-II: 1,250 VND/liter. Applicable to the Northern region.
Forecast of domestic gasoline prices next period
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 be adjusted upward. Of which, gasoline prices may increase by about 150 VND/liter; oil prices increase by about 70 VND/liter.
Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 24 times and decreased 26 times. Oil prices have increased 22 times and decreased 28 times.
Today's gasoline prices are for reference only and may change according to market conditions without prior notice. Readers should consider carefully when using the information in this newsletter.
See more articles about gasoline prices HERE.
