Reduced Gasoline Prices

Gasoline prices today 4/1 in the world: Strong increase in the past 2 months

Dan Viet’s latest update, gasoline price 4/1 in the world at 6:43 a.m. (Vietnam time), specifically as follows:

WTI crude oil price increased to 72,907 USD/barrel, equivalent to an increase of 3.59%; Brent oil price increased to 78,318 USD/barrel, equivalent to an increase of 3.2% compared to the previous trading session. Compared to the same period last year, WTI crude oil prices decreased by 0.26%, Brent oil prices decreased by 0.39%.

WTI crude oil prices edged higher to $73/barrel, the highest daily increase since mid-November 2023.

The reason for the sharp price increase in today’s trading session is due to concerns about supply after the closure of oil fields in Libya and continuing tensions in the Middle East. At the same time, supply disruptions in Libya, where protests led to the closure of the country’s largest oil field, Sharara, are also of concern. It is known that this oil field has provided about 300,000 barrels per day.

Previously, crude oil prices fell nearly 2% from Tuesday, causing investors to reduce expectations for significant interest rate cuts by major central banks around the world.

At this time, global supply is increasing strongly, especially from non-OPEC producers, and the uncertain demand outlook continues to weigh on the market. Geopolitical tensions are another area of concern, with Iran deploying warships in the Red Sea to challenge US forces on the vital trade route.

Over the weekend, US Navy helicopters destroyed three Houthi boats as the crew tried to board a container ship in the Red Sea, killing several people in the process.

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. Reported data showed the sharpest decline in US crude oil inventories in four months, while API data pointed to an increase of 1.8 million barrels.

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.

Gasoline prices today 4/1 domestically

This afternoon, the Ministry of Industry and Trade and the Ministry of Finance will adjust gasoline prices and it is predicted that they may decrease. At this time, domestic gasoline prices are still trading at the following specific levels:

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 from the beginning of 2023 now, gasoline prices There have been 37 adjustment periods in the country, including 18 increases, 13 decreases and 5 periods of remaining the same.

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.

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.

Decide to gasoline price Oil number 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.

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…

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.

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.

Today, December 30, world gasoline prices had their fourth decrease 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 30/12 in the world: Difficult to stop the decline

Dan Viet’s latest update, December 30 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%.

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 is 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 30: 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 zone 2 mentioned above.

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.

Today, December 20, world gasoline prices have increased rapidly again after a long series of continuous decreases since the beginning of this month. When world oil prices increase, this may cause domestic gasoline prices to be affected in the adjustment session on Thursday this week.

According to Dan Viet’s update, December 20 gasoline prices in the world at 6:54 a.m. (Vietnam time), specifically as follows:

WTI crude oil price increased to 74,225 USD/barrel, equivalent to an increase of 1.93%; Brent oil price increased to 79,392 USD/barrel, equivalent to an increase of 1.85% compared to the previous trading session. Compared to the same period last year, WTI crude oil prices decreased by 2.63%, Brent oil prices decreased by 1.31%.

WTI crude oil price is trading at 74 USD/barrel, although up slightly but still at the lowest level since June, as investors are still 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.

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:

Thus, the domestic gasoline price today, December 20, has decreased for the 5th consecutive time after the Joint Ministry of Industry, Trade and Finance adjusted some petroleum products.

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.

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%.

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:

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.

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.