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| Leaders of some petroleum enterprises commented that domestic petroleum prices at today's adjustment session (January 11) are likely to increase following the trend of world petroleum prices. (Source: Vietnamnet) |
On the world market, at 6:00 a.m. on January 11, Brent oil was trading at 76.8 USD/barrel, up 0.79 USD/ounce compared to early this morning, while WTI oil was trading at 71.37 USD/barrel, up 0.87 USD/barrel.
Oil prices rose after a report showed US crude inventories fell more than expected, boosting confidence in improving demand.
Data from the American Petroleum Institute (API) showed that US crude oil inventories fell by 5.2 million barrels in the week ended January 5. Analysts had expected US crude oil inventories to rise by 500,000 barrels.
Concerns about supply shortages in Libya and ongoing tensions in the Middle East also supported oil prices. Oil prices were supported by the shutdown of the 300,000 barrel-per-day Sharara oil field, one of Libya's largest oil fields.
In addition, some major shipping companies are still avoiding transiting the Red Sea following attacks by Houthi forces in response to Israel's war against Hamas.
Meanwhile, the Israeli military said the conflict against Hamas will continue into 2024. This raised concerns that the conflict could escalate into a regional crisis in the Middle East, potentially disrupting oil supplies.
Domestic retail prices of gasoline on January 11 are as follows:
E5 RON 92 gasoline is not more than 21,186 VND/liter. RON 95-III gasoline is not more than 22,148 VND/liter. Diesel oil not more than 19,788 VND/liter. Kerosene not more than 20,457 VND/liter. Fuel oil not exceeding 15,685 VND/kg. |
The domestic retail price of gasoline and oil was adjusted by the Ministry of Finance and Industry and Trade in the price management session on the afternoon of January 4, with E5 RON 92 gasoline decreasing the least, by 180 VND/liter, and kerosene decreasing the most, by 500 VND/liter.
In this operating period, the joint ministries set aside the Price Stabilization Fund for fuel oil at 300 VND/kg, did not set aside the Price Stabilization Fund for gasoline, diesel oil and kerosene, and did not use the Price Stabilization Fund for all gasoline products.
Leaders of some petroleum companies said that domestic petroleum prices in today's adjustment period (January 11) are likely to increase following the trend of world petroleum prices.
If the regulatory agency does not spend the Petroleum Price Stabilization Fund, domestic gasoline prices could increase by VND90-190 per liter. Diesel prices could increase by VND340-350 per liter.
In case the Ministry of Industry and Trade - Ministry of Finance spends the Stabilization Fund, gasoline prices can remain the same.
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