Gasoline prices today (December 2): Green dominates

World oil prices

Oil prices rose more than 1% in Monday's trading session due to the impact of Ukrainian drone attacks, the US warning to close Venezuela's airspace and OPEC's decision to keep the group's crude oil production unchanged through December 2026.

According to Reuters, at the end of the trading session on December 1, Brent oil price increased by 0.79 USD/barrel, equivalent to 1.27%, to 63.17 USD/barrel; WTI oil price increased by 0.77 USD/barrel, equivalent to 1.32%, to 59.32 USD/barrel.

Oil prices today (December 2): World oil prices increased by more than 1% in the first trading session of the week. Illustration photo: Reuters

“The market is feeling very uneasy about the possibility of a reduction in Russian crude supplies. Traders are watching closely to see if the Russia-Ukraine deal goes off the rails,” said John Kilduff, partner at Again Capital LLC.

Concerns about the risk of conflict between the US and Venezuela are behind the main concern today, the war in Ukraine.

“I don’t think anyone is too worried about losing supply from Venezuela,” added John Kilduff.

In addition, Mr. Phil Flynn, senior expert at Price Futures Group, said that the attacks in Ukraine combined with OPEC's production commitment pushed up oil prices.

“Ukrainian drone attacks on two Russian ‘dark fleet’ tankers in the Black Sea, along with OPEC’s commitment to maintain current production levels, have made the market more optimistic,” said Phil Flynn.

Kazakhstan has demanded that Ukraine end attacks on the Caspian Pipeline Corporation (CPC) Black Sea port after a major drone attack disrupted exports and caused serious damage at the loading facility, Reuters reported.

Kazakhstan’s Foreign Ministry said this was the third attack on a purely civilian facility that operates in accordance with international law. The ministry stressed that Kazakhstan rejects another deliberate attack on CPC’s critical infrastructure in the Novorossiysk Port area.

Meanwhile, Ukraine insists that its actions are not directed at Kazakhstan or any third party, but only at Russia. According to analysis by Giovanni Staunovo of UBS, it was the attacks on the CPC export terminal that pushed up oil prices.

On November 30, OPEC+ agreed to maintain the group's crude oil production level until the end of December 2026 and adopt a mechanism to determine the maximum oil production capacity of its members.

The latest decision marks a slowdown in OPEC+ efforts to regain market share amid growing uncertainty in the global oil market. “The message from OPEC+ is clear: Stabilize the market rather than regain market share at a time when the market outlook is rapidly deteriorating,” said Jorge Leon, head of geopolitical analysis at Rystad Energy.

Domestic gasoline prices

Domestic retail prices of gasoline on December 2 are as follows:

E5RON92 gasoline	Not higher than 19,288 VND/liter
RON95-III gasoline	Not higher than 20,009 VND/liter
Diesel oil 0.05S	Not higher than 18,800 VND/liter
Oil	Not higher than 19,473 VND/liter
Mazut oil 180 CST 3.5S	Not higher than 13,488 VND/kg

The Ministry of Industry and Trade and the Ministry of Finance jointly announced the adjustment of domestic gasoline retail prices effective from 3 p.m. on November 27. Accordingly, gasoline prices continued to decrease sharply during this period. Specifically, the price of E5RON92 gasoline decreased by 519 VND/liter, RON95-III gasoline decreased by 533 VND/liter, diesel oil decreased by 1,026 VND/liter, kerosene decreased by 815 VND/liter and fuel oil decreased by 251 VND/kg.

Thus, since the beginning of the year, domestic gasoline prices have undergone 49 adjustments, of which RON95 gasoline has increased 26 times, decreased 23 times; diesel has increased 24 times, decreased 24 times and remained unchanged once.

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