Gasoline price today March 24: Slight decrease

Today's oil prices, March 24, Brent oil prices decreased by 5 cents. In contrast, WTI oil prices increased by 1 cent.

Today's oil prices, March 24, Brent oil prices decreased by 5 cents. In contrast, WTI oil prices increased by 1 cent. (Source: Oilprice)

According to Reuters , at 5:00 a.m. on March 24 (Vietnam time), Brent oil price decreased by 5 cents. In contrast, WTI oil price increased by 1 cent.

Last week, both oil benchmarks rose for a second straight week, supported by concerns about rising tensions in the Middle East, expectations of higher demand from China, falling U.S. gasoline and distillate inventories, the U.S. curbing Iran’s oil exports by enacting a fourth round of sanctions and the gradual monthly production cuts by seven OPEC+ members.

Last week, Brent crude oil prices rose 2.1% to $72.16/barrel, while WTI crude oil rose about 1.6% to $68.28/barrel. Notably, since the beginning of the year, the weekly increase in oil prices has been quite modest, and last week recorded the largest weekly increase.

Also last week, the US Federal Reserve (Fed) decided to keep interest rates unchanged at 4.25% - 4.5% after a two-day meeting. The Fed also lowered its forecast for US economic growth this year to 1.7% from 2.1%, and signaled that borrowing costs could fall by 50 basis points later this year amid slowing economic growth and falling inflation.

This week, markets will focus on the U.S. core personal consumption expenditure index, which excludes energy and food prices, the Fed's preferred inflation gauge. Markets will also be interested in how the U.S. consumer is holding up in a world of growing economic uncertainty.

Tariffs will also continue to be in the spotlight as the Trump administration plans to impose reciprocal tariffs on April 2 to rebalance the global trading system. According to Reuters , President Trump is expected to announce more tariffs, including retaliatory tariffs against several countries.

Oil prices were also affected by tensions in the Middle East this week. On March 23, Israel resumed airstrikes in Gaza. After two months of relative peace, Gazans were forced to flee for their lives after Israel officially abandoned the ceasefire and launched a new, full-scale air and ground campaign against Hamas.

Meanwhile, crucial talks to end the three-year conflict in Ukraine are underway in Saudi Arabia. Last week, Russian President Vladimir Putin agreed to temporarily halt attacks on Ukrainian energy facilities but refused to accept a full 30-day ceasefire that his US counterpart, Donald Trump, had hoped would be the first step toward a lasting peace deal. Ukraine accepted Trump’s 30-day proposal.

Domestic retail prices of gasoline on March 24 are as follows:

E5 RON 92 gasoline is not more than 19,695 VND/liter.

RON 95-III gasoline is not more than 20,087 VND/liter.

Diesel oil not more than 17,893 VND/liter.

Kerosene not more than 18,118 VND/liter.

Fuel oil not exceeding 16,955 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of March 27. Because the world oil prices increased last week, it is likely that domestic oil prices will also increase. However, prices may decrease if the world oil prices decrease sharply in the coming trading sessions.

In the most recent price adjustment, the price of E5 RON 92 gasoline increased by 414 VND/liter, RON 95-III gasoline increased by 438 VND/liter, kerosene increased by 28 VND/liter, diesel decreased by 5 VND/liter, and fuel oil decreased by 40 VND/kg.

Today's oil prices, March 24, Brent oil prices decreased by 5 cents. In contrast, WTI oil prices increased by 1 cent.

Comment (0)