According to Dan Viet’s latest update, January 17 gasoline prices in the world at 6:53 a.m. (Vietnam time), specifically as follows:
WTI crude oil price decreased to 72,003 USD/barrel, equivalent to a decrease of 0.84%; Brent oil price decreased to 77,633 USD/barrel, equivalent to a decrease of 0.66% compared to the previous trading session. Compared to last year, crude oil prices decreased by 7.29%, Brent oil prices decreased by 7.02%.
Information about gasoline prices on January 17. Tradingeconomics photo.
Gasoline prices today January 17 in the world increased sharply. Tradingeconomics photo.
Brent crude oil price has been at 78 USD/barrel since last week. The reason is because the deepening geopolitical crisis in the Middle East creates a risk premium for oil prices.
According to Bloomberg, Iran detained an oil tanker off the coast of Oman in response to a sanctions-related dispute last year when the US detained an Iranian tanker. The US-led coalition also launched multiple attacks on Houthi targets in Yemen as the rebel group continued to disrupt trade in the Red Sea.
Meanwhile, the US’s hotter-than-expected consumer inflation report was like a bucket of cold water pouring on predictions that the Federal Reserve will start cutting interest rates as soon as March 2024. As a result, Brent oil prices tend to end the week little changed having fallen sharply at the beginning of the week due to Saudi Arabia cutting prices, before recovering those losses due to rising tensions in the Middle East.
Furthermore, Libya’s Sharara oil field stopped production due to political protests, which took more than 300,000 barrels per day off the market from there. It is known that US crude oil reserves unexpectedly increased by 1.3 million barrels to 432.4 million, raising concerns about increased demand in the world’s leading oil market.
Previous data showed that weekly crude oil inventories decreased more than expected, along with a decrease in demand with total products supplied to refineries decreasing by 2.356 million barrels. Additionally, crude oil inventories at the Cushing, Oklahoma distribution center increased, while gasoline inventories increased unexpectedly.
The former saw oil prices rise more than 3% as production in Libya was disrupted when protesters halted production from the Sharara and El-Feel fields, which together contribute about 365,000 barrels per day. Iran faced tragedy with two explosions at a ceremony honoring the late commander Qassem Soleimani, killing nearly 100 people and injuring countless others. OPEC+ expressed its commitment to ensuring market stability in a statement on its website.
Gasoline prices today January 17 in the country: Stable after increasing
Last week, the Ministry of Industry and Trade and the Ministry of Finance increased domestic retail petroleum products. In the adjustment session on Thursday this week, gasoline prices may be affected by an increase in world oil prices that have continuously increased in recent times. Currently, the specific domestic retail gasoline prices are as follows:
In the adjustment of retail gasoline prices on January 11, the Joint Ministry of Finance – Industry and Trade decided not to set aside the BOG Fund for gasoline, diesel and kerosene products and to set aside the BOG Fund for fuel oil products. . At the same time, there is no need to use the Price Stabilization Fund for all goods.
Also according to management agencies, the world petroleum market during this operating period is influenced by factors such as: US crude oil reserves decreased more than expected, concerns about supply shortages in Libya and tensions. Continuing tensions in the Middle East, developments in the Red Sea region… The above factors have caused world petroleum prices in recent days to fluctuate slightly, increasing and decreasing slightly.
According to the Ministry of Industry and Trade, the average price of world petroleum products between the price management period on January 4, 2024 and the operating period on January 11, 2024 is: 87,136 USD/barrel of RON92 gasoline used to blend E5RON92 gasoline ( decreased by 0.324 USD/barrel, equivalent to a decrease of 0.37% compared to the previous period); 91,356 USD/barrel of RON95 gasoline (an increase of 0.123 USD/barrel, equivalent to an increase of 0.13% compared to the previous period); 100,748 USD/barrel of kerosene (an increase of 1,741 USD/barrel, equivalent to an increase of 1.76% compared to the previous period); 98,486 USD/barrel of diesel oil (an increase of 1,688 USD/barrel, equivalent to an increase of 1.74% compared to the previous period); 447,346 USD/ton of 180CST 3.5S fuel oil (an increase of 8,451 USD/ton, equivalent to an increase of 1.93% compared to the previous period).
Recently, many other developments related to the petroleum market have attracted users’ attention. In particular, the Prime Minister and the Ministry of Industry and Trade have continuously issued hot directions related to the management and supply of petroleum in the market.
Gasoline prices today, January 17, in the country have increased. Photo by Khai Pham.
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.
The adjustment gasoline prices This time, it is implemented according to 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 practice. Price movements of finished petroleum products 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 (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 the Government on gasoline business oil; according to the implementation guidance documents of the Ministry of Industry, Trade and 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.
