Gasoline prices today December 14: Strong increase across the board

World oil prices today

World oil prices on December 14 (Vietnam time) increased sharply. At the end of the weekend trading session, WTI crude oil was at 71.29 USD/barrel, up 1.27 USD/barrel, equivalent to an increase of 1.81%. WTI crude oil closed the previous trading session at 70.02 USD/barrel, opening today's session at 70.07 USD/barrel.

Brent crude oil was at $74.35 a barrel, up $0.94 a barrel, or 1.28 percent. Brent crude oil closed the previous session at $73.41 a barrel and opened today at $73.34 a barrel.

Thus, after a slight decrease in the previous session, world oil prices closed the weekend trading session with a strong increase, with both Brent and WTI crude oil increasing by over 1%, reaching the highest level in the past 3 weeks.

According to analysts, the acceleration in oil prices is due to expectations of tighter sanctions on Russia and Iran, China's economic orientation, the chaotic political situation in the Middle East and the prospect of the US Federal Reserve (Fed) cutting interest rates next week.

Investors expect the Fed to cut interest rates at its December 17-18 meeting and continue to cut them next year after data showed a surprise rise in weekly jobless claims. Lower interest rates could boost economic growth and oil demand.

Domestic gasoline prices today

On December 14, 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 12. Accordingly, all gasoline and oil products decreased except for RON 95-III gasoline which increased by 33 VND/liter; E5 RON 92 gasoline price decreased by 3 VND/liter; diesel oil decreased by 127 VND/liter; kerosene decreased by 251 VND/liter, and fuel oil decreased by 551 VND/kg.

Gasoline discount today

Discount prices of petroleum products today, December 14, at some domestic petroleum businesses are as follows:

Hoang Trong General Trading Company Limited: Diesel (0.005S-V) Hai Linh warehouse, Hai Phong: 850 VND/liter; Diesel (0.005S-V) Bac Ninh warehouse: 700 VND/liter; RON 95 - III gasoline Hai Linh warehouse, Hai Phong: 750 VND/liter; RON 95 - III gasoline Bac Ninh warehouse: 600 VND/liter; E5 gasoline: 700 VND/liter at Dinh Vu warehouse, Petec.

Tu Luc Petroleum: Diesel discount (0.005S-V): 850 VND/liter; Diesel (0.001S-V): Out of stock; RON 95 - III gasoline: 750 VND/liter; E5 gasoline: 750 VND/liter.

MIPEC Gasoline: Discount on RON 95 - III gasoline: 800 VND/liter; E5 gasoline: 800 VND/liter; Diesel oil (0.005S-V): 900 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 may increase sharply.

In particular, the price of RON 95-III gasoline is forecasted to increase by about 500 VND/liter; E5 gasoline by about 450 VND/liter; and Diesel by about 430 VND/liter.

Since the beginning of the year, since the price adjustment session on January 4, gasoline prices have increased 23 times and decreased 26 times. Oil prices have increased 21 times and decreased 28 times.