Gasoline price today December 16: Continue to decrease

World oil prices

At 6:00 a.m. on December 16, Brent crude oil price decreased by 11 cents, equivalent to 0.15%, to 74.38 USD/barrel. WTI crude oil price decreased by 19 cents, equivalent to 0.27%, to 71.1 USD/barrel.

Oil prices fell amid heightened geopolitical risks in the Middle East, particularly in Syria. However, the decline was tempered by a rise in China’s crude imports in November.

Imports are expected to remain high until early 2025 as refiners opt to take more supply from top exporter Saudi Arabia, attracted by lower prices, while private refiners quickly use their quotas.

The International Energy Agency (IEA) has raised its forecast for global oil demand growth in 2025 to 1.1 million barrels per day (bpd) from 990,000 bpd last month, due to China's stimulus measures.

Oil prices continue to fall. (Photo: Reuters).

The focus of the market this week is the US Federal Reserve's policy meeting on December 17 and 18. Investors await guidance from the US Central Bank on interest rate cuts next year.

There is a 96% chance the Fed will cut by 25 basis points at its meeting this week, according to the CME FedWatch tool. However, the path of interest rates through 2025 remains uncertain. The Fed's summary of economic projections released at the meeting will provide an indication of how policymakers see the path of interest rates.

Rates are likely to be at 3.8% in December 2025, down from the current range of 4.5% - 4.75%, and higher than the 3.4% rate priced in after the summary was last published in September.

Domestic gasoline prices

In the operating period on December 12, the price of E5 RON92 gasoline decreased by 3 VND/liter, not higher than 19,861 VND/liter; conversely, the price of RON95 gasoline increased by 33 VND/liter, not higher than 20,596 VND/liter.

Meanwhile, the prices of all types of oil decreased. Diesel oil price decreased by 127 VND/liter, not higher than 18,255 VND/liter. Kerosene price decreased by 251 VND/liter, not higher than 18,566 VND/liter and fuel oil price decreased by 551 VND/kg, not higher than 15,574 VND/kg.

In this period, the executive agency continues not to set aside or use the gasoline price stabilization fund for all products.

Ngoc Vy

Source: https://vtcnews.vn/gasoline-price-to-date-16-12-tiep-tuc-di-xuong-ar913884.html