World oil prices increase, domestic gasoline prices are expected to decrease by 400 VND/liter

Specifically, Brent oil price increased by 2.36 USD, equivalent to 3.1%, to 78.39 USD/barrel. US WTI oil price increased by 2.32 USD, equivalent to 3.3%, to 72.7 USD/barrel.

Brent crude oil prices are trading at — Brent oil price is trading at 78.39 USD/barrel. Photo: screenshot

Oil prices are trading at high levels as protests at Libya's largest oil field and attacks on ships in the Red Sea by Houthi forces have not stopped, said Craig Erlam, senior market analyst at data and analytics firm OANDA.

In Libya, protests forced the 300,000 barrel-per-day Sharara oil field to suspend operations.

Meanwhile, in the Red Sea, Houthi forces continue to attack ships, raising concerns about a wider conflict in the Middle East and the closure of important oil shipping waterways such as the Red Sea and the Persian Gulf.

Oil prices were also supported by new economic stimulus measures from China, the world's second-largest oil consumer.

According to Oilprice, China has issued an import quota of 179.01 million tons of oil for 2024, 60% higher than 2023. This could be a driving force for the country's import demand.

A report from the American Petroleum Institute (API) on January 3 showed that US crude oil inventories as of December 29, 2023, had fallen by 7.418 million barrels, more than 2.5 times the 2.967 million barrel decrease predicted by analysts. Also according to API, gasoline inventories increased by 6.913 million barrels and distillate inventories increased by 6.686 million barrels.

This afternoon, domestic gasoline retail prices will be adjusted at the price management session of the Ministry of Finance - Industry and Trade.

According to experts, last week, world oil prices decreased, so domestic oil prices are likely to decrease by about 400 VND/liter (kg). Gasoline prices will decrease less, from 50-150 VND/liter. If the joint ministries draw from the price stabilization fund, oil prices may remain stable.

The retail price of domestic gasoline on January 4 is as follows: E5 RON 92 gasoline is not more than VND 21,186/liter; RON 95-III gasoline is not more than VND 22,148/liter; diesel oil is not more than VND 19,788/liter; kerosene is not more than VND 20,457/liter; fuel oil is not more than VND 15,685/kg.

window.fbAsyncInit=function(){FB.init({appId:'194889717576327',cookie:true,xfbml:true,version:'v13.0'});FB.AppEvents.logPageView();};(function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(d.getElementById(id)){return;} js=d.createElement(s);js.id=id;js.src="https://connect.facebook.net/vi_VN/sdk.js";fjs.parentNode.insertBefore(js,fjs);}(document,'script','facebook-jssdk'));

Source