Domestic gasoline prices today June 24, 2024

In the domestic market, the selling prices of gasoline and oil today, June 24, are applied according to the prices at the afternoon management session on June 20 of the Ministry of Finance - Industry and Trade.

Specifically, gasoline prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all items.

Accordingly, the price of E5 gasoline was raised to 21,500 VND/liter. The price of RON 95 gasoline increased to 22,460 VND/liter.

Similarly, diesel price was adjusted up to 20,360 VND/liter. Kerosene price increased to 20,350 VND/liter.

Retail price of gasoline today:

Item Price from June 20 (unit: VND/liter) Compared to previous period
Gasoline RON 95-III 22,460 + 230
Gasoline E5 RON 92-II 21,500 + 190
Diesel 20,360 + 720
Oil 20,350 + 500

World oil prices today June 24, 2024

In the world market, gasoline prices today, June 24, have leveled off after a sharp increase last week.

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Gasoline prices tend to stagnate. Photo: Getty Images

World oil prices last week marked the second consecutive week of strong increases.

Supply concerns and optimism about oil demand were the main factors pushing oil prices higher last week.

Oil prices rose more than 2% on the first trading day of last week, hitting a one-month high. Oil prices rose as investors grew more optimistic about the demand outlook.

Oil prices continued to rise more than 1% in the second trading session of the past week, reaching a seven-week high. Escalating geopolitical risks in Europe and the Middle East were the factors supporting oil prices in this session.

Russian fuel depots continue to be targeted by Ukrainian drones. Meanwhile, tensions in the Middle East have escalated as Israel’s foreign minister warned that a decision on all-out war with Hezbollah will soon be made.

Oil prices fell slightly in the third trading session of the week. Oil prices slowed down when the market received a report showing that US crude oil inventories unexpectedly increased.

However, in the fourth trading session of last week, oil prices regained their upward momentum after receiving a series of supporting factors.

The US Energy Information Administration reported that US crude oil inventories fell by 2.5 million barrels, instead of increasing by 2.264 million barrels as previously reported by the American Petroleum Institute.

In addition, cooling US job market data raised expectations that the US Federal Reserve (Fed) could cut interest rates in September. These factors pushed oil prices up.

However, the upward momentum of oil prices could not continue in the last trading session of last week. Oil prices slid about 1% in this session.

Oil prices fell as investors worried that global oil demand could be hit by a stronger US dollar that hit a seven-week high and negative economic news from some parts of the world.

A stronger dollar can reduce demand for oil because it makes dollar-denominated commodities more expensive for holders of other currencies.

Thus, with 3 sessions of increase and 2 sessions of slight decrease, oil prices last week recorded a week of increase. Overall, last week, both benchmarks, Brent and WTI, increased by about 3%, lower than the nearly 4% of the previous week.

Closing last week, Brent oil price was fixed at 85.24 USD/barrel, WTI oil price ended the week at 80.73 USD/barrel.

Oil prices today, June 22, 2024 cooled down due to a stronger USD . Oil prices today, June 22, 2024, on the international market cooled down due to a stronger USD, despite signs of improving demand and falling fuel reserves in the US.