Gasoline price today January 18: Continue to decrease

Today's gasoline price, January 18, ending the last trading session of the week (January 17), oil prices continued to decrease by about 1%.

Today's gasoline price, January 18, ending the last trading session of the week (January 17), oil prices continued to decrease by about 1%. (Source: Reuters)

Brent crude fell 50 cents, or 0.6%, to $80.79 a barrel. WTI crude fell 80 cents, or 1%, to $77.88 a barrel.

For the week, Brent crude oil prices increased by 1.3%, WTI crude oil increased by 1.7%.

Explaining the rise in oil prices this week, senior analyst Phil Flynn of Price Futures Group said: “Sanctions on Russia are causing supply tightness in Europe, India and China.”

Last week, the Biden administration announced sanctions targeting Russian oil producers and tankers.

Investors are also assessing the potential impact of President-elect Donald Trump returning to the White House on January 20. His Treasury pick has said he is ready to impose tougher sanctions on Russian oil.

Expectations that Yemen’s Houthi forces would stop attacking ships in the Red Sea following a ceasefire in Gaza helped oil prices give up early gains on Jan. 17. For more than a year, the group’s attacks have disrupted global shipping, forcing ships to take longer and more costly routes around southern Africa.

Also on January 17, the Israeli security cabinet approved the ceasefire agreement.

Oil prices recovered some of their losses in the previous session early in the session, supported by expectations of rising demand and the US maintaining interest rate cuts this year amid falling inflation in the world's largest economy .

Traders are also assessing fresh data from China, the world's top oil importer, whose economy met the government's 5% growth target last year.

However, government data showed that China's refining output in 2024 fell for the first time in more than two decades, excluding the pandemic year of 2022, as plants cut operations to cope with sluggish fuel demand and shrinking profit margins.

Meanwhile, energy services firm Baker Hughes said the number of US oil rigs, an indicator of future output, fell by two to 478 this week.

Domestic retail prices of gasoline on January 18 are as follows:

E5 RON 92 gasoline is not more than 20,431 VND/liter.

RON 95-III gasoline is not more than 21,019 VND/liter.

Diesel oil not more than 19,243 VND/liter.

Kerosene not more than 19,244 VND/liter.

Fuel oil not exceeding 16,182 VND/kg.

The above domestic retail price of gasoline was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of January 16.

As world oil prices continued to rise last week, domestic oil prices have recorded a hat-trick of increases. E5 RON 92 gasoline prices increased by VND319/liter, RON 95-III gasoline increased by VND201/liter, diesel increased by VND539/liter, and kerosene increased by VND462/liter. Notably, fuel oil skyrocketed by VND999/kg.

In this operating period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-181-tiep-da-giam-300921.html