Today, December 16, world gasoline prices have increased rapidly again after a long series of continuous decreases since the beginning of this month. Meanwhile, domestic gasoline prices are falling sharply after 5 adjustments by the Ministry of Industry, Trade and Finance last Thursday.
According to Dan Viet’s update, December 16 gasoline prices in the world at 6:35 a.m. (Vietnam time), specifically as follows:
WTI crude oil price increased to 71,741 USD/barrel, equivalent to an increase of 0.23%; Brent oil price increased to 76,685 USD/barrel, equivalent to an increase of 0.10% compared to the previous trading session. Compared to the same period last year, WTI crude oil prices decreased by 3.77%, Brent oil prices decreased by 3.53%.
Information about gasoline prices on December 16. Tradingeconomics photo.
WTI crude oil price is trading at 71 USD/barrel, although up slightly but still at the lowest level since June 27, as investors remain concerned about abundant supply and weak demand.
The US CPI report showed inflationary pressures still present in the economy reinforcing the view that the Federal Reserve may not be ready to reduce interest rates and boost demand.
At the same time, skepticism remains about the effectiveness of OPEC+ production cuts in 2024. Although OPEC+ plans to reduce output by 2.2 million barrels per day in the first quarter of 2024, production will still increase in the US and Canada.
US crude oil production hit a new all-time high of 13.2 million bpd in September, and production in Canada is expected to rise 10% next year to reach an all-time high of around 5.3 million. million barrels/day. Additionally, output in Brazil increased 9.6% in the third quarter compared to the same period last year to 2.32 million barrels/day.
On the demand front, countries at the COP28 climate conference are considering a formal call for a fossil fuel phase-out as part of the UN summit’s final agreement to tackle warming. Global. Additionally, the dollar rose to a two-week high after new data showed job openings in October fell to their lowest level since early 2021.
The cause of the decline in world oil prices is due to increasing low consumer demand and increasingly guaranteed supply.
Meanwhile, refining throughput in China fell 2.8% from the previous month’s record in October, indicating lower industrial fuel demand and consistent with slowing industrial activity due to This country’s production suddenly showed signs of decline.
Besides, the latest data from EIA shows that fuel products supplied decreased by 7.6% compared to the previous week in mid-November, consistent with the agency’s previous report. Forecasts about the oil market’s developments and difficulties in supply as previously predicted did not happen.
Meanwhile, a similar report from EIA indicated that US crude oil inventories increased by 17.5 million barrels in the past two weeks. The above factors have caused crude oil prices on the market to continuously fall deeply in the trading sessions of mid-November.
Recently, the Ministry of Industry, Trade and Finance has adjusted the domestic retail price of gasoline and oil, a positive signal for the market at the end of this year, specifically as follows:
| Fuel type |
Old price (VND/Liter) |
New price (VND/Liter) |
|---|---|---|
|
RON E5 92 |
21.290 |
20.510 |
|
RON 95 |
22.322 |
21.400 |
|
Diesel oil |
19.721 |
19.000 |
|
Fuel |
20.922 |
19.960 |
|
Fuel oil |
15,527 VND/kg |
15,000 VND/kg |
Thus, the domestic gasoline price today, December 15, has decreased for the 5th consecutive time after the Joint Ministry of Industry, Trade and Finance adjusted some petroleum products.
Domestic gasoline prices today, December 16, continue to decrease. Photo by Khai Pham.
The reason for the decrease in domestic gasoline prices is because world oil prices have continuously slid in recent times to the lowest mark in 2023. This has caused imported gasoline prices to decrease and the retail price of finished gasoline products has also decreased since then. at low level.
The “hottest” domestic petroleum market is the Ministry of Finance and the General Department of Taxation urging local tax units to require petroleum retail businesses to issue electronic invoices for each sale. goods in accordance with the provisions of the Law on Tax Administration.
According to the Ministry of Finance, requiring gas stations to issue electronic invoices for each sale is in accordance with the law. On December 6, the Director General of the General Department of Taxation signed an express dispatch requesting provincial and city Tax Departments to implement the mandatory requirement to issue electronic invoices for each sale of gasoline to customers.
Meanwhile, the General Department of Taxation requires local Tax Departments to set up interdisciplinary teams, review electronic invoice issuance activities, and drastically require petroleum retail business units to issue electronic invoices after each payment. Sales at petroleum retail stores according to the provisions of law and directions of the Prime Minister and the Ministry of Finance.
It is known that right after the Government and the Ministry of Finance required businesses to issue electronic invoices, some retail petroleum businesses proposed to customers to retail gasoline from 10,000 VND to less than 200,000 VND, suggesting Do not issue separate invoices to each customer but collect them together to issue invoices at the end of the day.
