Today, December 31, world gasoline prices have decreased for the 5th day after more than a week of consecutive increases. This also has more or less an impact on domestic gasoline prices when gasoline products have been slightly adjusted to decrease.
Gasoline prices today 31/12 in the world: Ends the year with a strong discount
Dan Viet’s latest update, December 31 gasoline prices in the world at 6:52 a.m. (Vietnam time), specifically as follows:
WTI crude oil price decreased to 71,999 USD/barrel, equivalent to a decrease of 2.85%; Brent oil price decreased to 77,275 USD/barrel, equivalent to a decrease of 2.85% compared to the previous trading session. Compared to the same period last year, WTI crude oil prices decreased by 8.28%, Brent oil prices decreased by 7.24%.
Thus, at the end of a volatile 2023, world oil prices are much lower than the same period last year. This is a positive signal when there are still many problems affecting world petroleum prices from war, conflict, epidemics…
Information about gasoline prices on December 31. Tradingeconomics photo.
Gasoline prices today December 31 in the world have decreased. Tradingeconomics photo.
WTI crude oil futures price dropped to 71 USD, extending its sharp decline compared to previous sessions when it increased continuously. The latest data shows that oil inventories at Cushing have increased and are at their highest level since August. This proves that supply is increasingly exceeding demand at the end of the year and the beginning of the new year.
Meanwhile, the report showed the sharpest decline in US crude oil inventories in four months, while API data pointed to an increase of 1.8 million barrels.
It is known that crude oil prices have increased about 8% since hitting a low in early December. This is due to Houthi attacks on cargo ships in the Red Sea, forcing oil tankers and other ships have to take longer routes, increasing costs. However, major shipping lines are now resuming the Red Sea route as a US-led maritime task force was established to protect commercial ships in the area.
Elsewhere, OPEC member countries quickly reaffirmed their commitment to output policy after Angola quit the producer group on Friday due to disagreements over quotas.
On the demand side, further signs of easing US inflation have reinforced expectations that the Federal Reserve will begin cutting interest rates next year, boosting the outlook for global growth and demand. energy.
Meanwhile, oil prices came under pressure on Thursday after Angola announced it would leave OPEC after 16 years amid disagreement over the country’s oil output quota for 2024. OPEC has tried to limit supply as Non-OPEC production, led by the US, continues to increase.
Domestic gasoline prices today, December 31: Slightly decreased
In the recent adjustment session on Thursday, the Ministry of Industry and Trade and the Ministry of Finance decided to reduce retail gasoline prices. Accordingly, gasoline prices of all types decreased slightly by 13 VND/liter, oil prices of all types decreased from 37 VND, some increased by 420 VND/liter, specifically as follows:
In the most recent adjustment of gasoline prices, the Joint Ministry of Finance – Ministry of Industry and Trade continued to decide to set aside the BOG Fund for fuel oil at 300 VND/kg and not set aside the BOG Fund for gasoline and diesel products. and kerosene.
It is known that since the beginning of 2023, domestic gasoline prices have had 37 adjustments, of which 18 times increased, 13 times decreased and 5 times remained unchanged.
The Joint Ministry of Industry, Trade and Finance said that the increase/decrease in the world petroleum market over the past 7 days changed daily and was intertwined. Previously, it was forecast that US crude oil reserves would decrease while inventories increased and shipping activities in the Red Sea would resume.
The average finished product price of RON 92 gasoline (the type used to prepare E5 RON 92) is 88.29 USD per barrel, down 0.11%; RON 95 was $92.34 per barrel, down 0.01%. Oil products increased by 0.23-3.6% compared to 7 days ago, such as diesel and kerosene at 99.24 USD and 101.95 USD per barrel, respectively.
According to Vietnam Petroleum Group – Petrolimex, for areas far from ports, far from wholesale warehouses, far from petroleum production facilities as prescribed in Clause 27, Article 1, Decree 95/2021/ND-CP dated November 1, 2021 of the Government (Petrolimex referred to as “Region 2”); The General Director of Petrolimex empowers the Directors of Petrolimex member petroleum companies to directly decide the actual selling price in the business area but must not exceed the price level of region 2 mentioned above.
Gasoline prices today, December 31, in the country decreased slightly. Photo by Khai Pham.
This adjustment of gasoline prices is carried out in accordance with Resolution No. 30/2022/UBTVQH15 on environmental protection tax rates for gasoline, oil, and lubricants, effective from January 1, 2023 to December 31, 2023. and comes from the reality of developments in finished petroleum prices on the world market during the price calculation cycle, in accordance with the principles of determining selling prices in Decree No. 80/2023/ND-CP dated November 17, 2023 of the Government. Government (Decree 80) on amending and supplementing a number of articles of Decree No. 95/2021/ND-CP dated November 1, 2021 and Decree No. 83/2014/ND-CP dated September 3, 2014 of Government on petroleum business; according to the implementation guidance documents of the Ministry of Industry, Trade and Finance.
Decision on gasoline selling prices No. 1010/PLX-QD-TGD dated December 28, 2023 was sent to all Petrolimex member units and reported to the Government Office, Ministry of Industry and Trade, and Ministry of Finance.
Petrolimex member units, when issuing gasoline retail price decisions on their distribution system, must send the issued price decisions to the Department of Industry and Trade of the province/city and the Group for reporting.
