According to the joint Ministry of Industry and Trade - Ministry of Finance, the global petroleum market during this pricing period (from January 4, 2024 to January 11, 2024) was influenced by factors including: greater-than-expected declines in US crude stockpiles, supply disruption anxieties in Libya, persistent geopolitical hostilities in the Middle East, and evolving security conditions across the Red Sea corridor. These drivers caused world refined fuel prices to fluctuate with mixed gains and mild declines over recent sessions.
Average world refined petroleum prices between the January 4 and January 11 pricing sessions were: 87.136 USD/barrel for RON92 gasoline used for blending E5RON92 (down 0.324 USD/barrel, or -0.37% vs previous cycle); 91.356 USD/barrel for RON95 gasoline (up 0.123 USD/barrel, or +0.13%); 100.748 USD/barrel for kerosene (up 1.741 USD/barrel, or +1.76%); 98.486 USD/barrel for diesel fuel (up 1.688 USD/barrel, or +1.74%); and 447.346 USD/ton for 180CST 3.5S fuel oil (up 8.451 USD/ton, or +1.93%).
In this pricing cycle, in response to global petroleum price movements and existing statutory rules, the joint Ministry of Industry and Trade - Ministry of Finance decided to allocate funds to the Fuel Price Stabilization Fund for fuel oil (mazut), while making zero provisioning for gasoline, diesel, and kerosene; and making zero disbursement from the Stabilization Fund across all petroleum product lines.
Following these provisioning determinations, retail ceiling prices for popular petroleum products in the domestic market are established as follows:
- E5RON92 gasoline: not exceeding 21,041 VND/liter (up 35 VND/liter compared to current retail price), remaining 894 VND/liter lower than RON95-III;
- RON95-III gasoline: not exceeding 21,935 VND/liter (up 19 VND/liter compared to current retail price);
- 0.05S Diesel: not exceeding 19,707 VND/liter (up 339 VND/liter compared to current retail price);
- Kerosene: not exceeding 20,331 VND/liter (up 374 VND/liter compared to current retail price);
- 180CST 3.5S Fuel oil (mazut): not exceeding 15,815 VND/kg (up 320 VND/kg compared to current retail price).
Global Fuel Prices on January 11 in International Markets
This morning, January 11, world oil prices faced downward pressure as weekly inventory data revealed an unexpected jump in US commercial crude oil stockpiles.
Specifically, at 7:30 AM (Vietnam time), Brent crude stood at 76.80 USD/barrel, and US West Texas Intermediate (WTI) crude traded at 71.25 USD/barrel.
At the close of yesterday's trading session, Brent crude declined 1.02% and WTI fell 1.00%. In early trading, crude oil prices had risen by more than 1%, but quickly reversed course after the US Energy Information Administration (EIA) reported commercial crude stockpiles surged by 1.3 million barrels in the previous week, conflicting with earlier forecasts of a 0.7 million barrel drawdown.
Petroleum benchmarks also encountered headwinds after ECB Vice President Luis de Guindos commented that the Eurozone may have slipped into recession in Q4-2023, pointing to relatively subdued growth prospects across the bloc in 2024.
Nonetheless, oil price declines were partially cushioned by geopolitical supply disruption threats in the Middle East as regional tensions posed risks of broader escalation.
