Gasoline price today (December 3): Reversal to decrease

World oil prices unexpectedly fell more than 1% in Tuesday's trading session. Domestically, gasoline prices have been adjusted down.

World oil prices

Oil prices unexpectedly fell more than 1% in trading on Tuesday, as the market weighed fragile hopes of Russia-Ukraine peace against concerns about oversupply.

According to Reuters, at the end of the trading session on December 2, Brent oil price decreased by 0.72 USD/barrel, equivalent to 1.14%, to 62.45 USD/barrel; WTI oil price decreased by 0.68 USD/barrel, equivalent to 1.15%, to 58.64 USD/barrel. Both types of oil increased by more than 1% in the previous trading session.

Today's oil price (December 3): World oil prices unexpectedly dropped in Tuesday's trading session. Illustration photo: Reuters

Investors turned their attention to Russia-Ukraine peace talks, as Russian President Vladimir Putin met with Steve Witkoff, Special Envoy of US President Donald Trump, and Trump's son-in-law, Jared Kushner, at the Kremlin on December 2.

“Oil prices are being held back by hopes of a breakthrough in the Ukraine peace talks that could lift restrictions on Russian oil supplies. However, those hopes are likely to be dashed and the market will face more disruption risks as energy continues to be a target for both sides,” said Clayton Seigle, senior fellow at the Center for Strategic and International Studies (CSIS).

Just before the meeting, Russian President Vladimir Putin warned European powers that if they wage war with Russia, Moscow would respond. He also threatened to cut off Ukraine’s access to the sea, in response to drone attacks on tankers in Russia’s “dark fleet” in the Black Sea.

Russian President Vladimir Putin will begin a two-day visit to India from December 4-5, aiming to boost sales of Russian oil, missile systems and fighter jets, in a bid to restore energy and defense ties that have been damaged by US pressure.

“The mixed rhetoric has caused some volatility in oil prices, initially suggesting confidence that Russia would continue to be a supplier to India. However, Putin’s comments suggest that the peace deal may not be what the market had hoped for,” said Phil Flynn, senior analyst at Price Futures Group.

The latest concerns about oversupply, which have weighed on prices, are being counterbalanced by worries about attacks on Russian energy infrastructure over the weekend, as well as tensions between the US and Venezuela.

On December 2, the Caspian Pipeline Corporation announced that it had resumed oil shipments from a loading facility on the Black Sea, following a major Ukrainian drone attack last Saturday.

Over the weekend, US President Donald Trump warned of a “total and complete blockade” of airspace above and around Venezuela, sparking a new wave of uncertainty in the oil market, as Venezuela is a major oil producer.

In addition, 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, in order to stabilize the market instead of regaining market share.

Domestic gasoline prices

Domestic retail prices of gasoline on December 3 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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