Gasoline prices are expected to increase in the operating period tomorrow, November 28, 2024

Domestic gasoline prices are expected to be adjusted up in the operating period tomorrow (November 28) according to world prices.

Tomorrow (November 28) is the operating period. retail price of gasoline according to Decree 80/2023/ND-CP amending and supplementing a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP of the Government on petroleum trading.

Gasoline prices are expected to increase tomorrow, November 28, 2024. Photo: TH

On the world market, at 6:00 a.m. on November 27, Brent oil price decreased slightly by 0.2 USD, equivalent to 0.27%, to 72.81 USD/barrel. WTI oil price decreased by 17 cents, equivalent to 0.25%, to 68.77 USD/barrel.

Oil prices fell after Israel agreed to a ceasefire with Lebanon, reducing the risk of oil prices. The deal is expected to take effect today. Israeli Prime Minister Benjamin Netanyahu said he was ready to implement the ceasefire with Lebanon and would respond strongly to any violation by Hezbollah.

A ceasefire could put pressure on crude prices, as the US administration is likely to ease sanctions on Iranian oil, said StoneX analyst Alex Hodes.

In addition, OPEC and its allies (OPEC+) are still discussing continuing to postpone the plan to increase oil production, expected to start in January 2025, ahead of a meeting on December 1 to decide on policy for the first months of next year.

Based on the developments in world oil prices, some oil companies believe that domestic oil prices may be adjusted upward in the November 28 adjustment period. If the regulatory agency does not influence the Oil Price Stabilization Fund, domestic oil prices may increase by VND320-500/liter. Similarly, diesel prices may increase by VND250-300/liter.

In case the management agency spends the Petroleum Price Stabilization Fund, the gasoline price may increase less or remain the same.

In another development, the Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) said that in the operating period on November 28, the retail price of E5 RON 92 gasoline is forecast to increase by VND 332 (1.7%) to VND 19,672/liter, while RON 95-III gasoline may increase by VND 263 (1.3%) to VND 20,783/liter.

VPI's model forecasts that retail oil prices will also increase by 0.2 - 1.3% this period, of which diesel prices may increase by 1.3% to VND18,736/liter, kerosene prices are forecast to increase by 0.8% to VND18,077/liter, and fuel oil may increase by 0.2% to VND16,041/kg. VPI forecasts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

In the most recent adjustment period (November 14), the prices of all types of gasoline and oil were adjusted downward by the Ministry of Industry and Trade - Ministry of Finance. Specifically, the price of E5 gasoline decreased by 109 VND/liter, not higher than 19,343 VND/liter. The price of RON95 gasoline decreased by 79 VND/liter, not higher than 20,528 VND/liter.

Diesel price decreased by 64 VND/liter, down to 18,509 VND/liter. Kerosene price decreased by 67 VND/liter, down to 18,921 VND/liter. Fuel oil price increased by 5 VND/kg, not higher than 16,014 VND/kg.

At this session, the association Ministry of Industry and Trade - Finance continues to not set aside or use the gasoline price stabilization fund for any products.

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