Gasoline price today November 16: Unexpected drop

World oil prices

At 6:30 a.m. on November 16, WTI oil price was at 67.02 USD/barrel, down 1.68 USD/barrel, equivalent to a decrease of 2.45%. Brent oil price was at 71.04 USD/barrel, down 1.52 USD/barrel, equivalent to a decrease of 2.09% in the past 24 hours. For the whole week, Brent oil price decreased by about 4%, WTI oil price decreased by about 5%.

China's refineries processed 4.6% less crude oil in October than a year earlier due to plant closures and reduced operating rates at small refineries, according to data from the National Bureau of Statistics.

Also in October, China's factory output growth slowed and demand in the real estate sector was sluggish, adding to investors' concerns about the economic health of the world's largest crude importer.

World oil prices today decreased by about 2%. (Illustration photo)

The “headwinds” from China continue, and any stimulus they introduce could be affected by the Trump administration’s new round of tariffs, said John Kilduff, a partner at Again Capital in New York.

US President-elect Donald Trump has pledged to end China’s most-favored-nation trade status and impose tariffs of up to 60% on Chinese imports, a much higher rate than those imposed during Trump’s first term.

In light of the above tariff hike, economists at Goldman Sachs Research have slightly lowered their 2025 growth forecast for China.

Jan Hatzius, chief economist at Goldman Sachs Research, said they may further downgrade their growth forecasts if the trade war escalates. Oil prices fell as major forecasters pointed to slowing global oil demand.

Domestic gasoline prices

In the operating period on November 14, the price of E5 RON92 gasoline decreased by 292 VND/liter, not higher than 19,452 VND/liter. The price of RON95 gasoline decreased by 247 VND/liter, not higher than 20,607 VND/liter.

Prices of all types of oil also decreased simultaneously. Of which, diesel price decreased by 344 VND/liter, not higher than 18,573 VND/liter. Kerosene price decreased by 306 VND/liter, not higher than 18,988 VND/liter and fuel oil price decreased by 385 VND/kg, not higher than 16,009 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance continued not to set aside or use the petrol price stabilization fund for any products.

Hao Nhien

Source: https://vtcnews.vn/gia-xang-dau-hom-nay-16-11-bat-ngo-truot-doc-ar907734.html