Gasoline price today 11/5: Continue to climb

World oil prices

At 6:00 a.m. on November 5, Brent crude oil price increased by 2.11 USD, equivalent to 2.89%, to 75.21 USD/barrel. WTI crude oil price increased by 1.98 USD, equivalent to 2.85%, to 71.47 USD/barrel.

Oil prices rose after the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to postpone plans to increase production for one month.

OPEC+ said it would extend its 2.2 million barrels per day (bpd) production cuts into December, citing weak demand. OPEC+ had previously planned to increase monthly output by 180,000 bpd from December.

Gasoline prices continue to climb today. (Photo: Minh Duc).

Walt Chancellor, energy strategist at Macquarie, said the extension of OPEC+ production cuts through the fourth quarter of 2024 raises doubts about the organization's commitment (or ability) to restore supply by 2025. According to the strategist, OPEC+'s decision on November 3 could ease some concerns about a new OPEC+ "price war."

Domestic gasoline prices

In the operating period on October 31, the price of E5 RON92 gasoline decreased by VND284/liter, not higher than VND19,408/liter; RON95 gasoline decreased by VND391/liter, not higher than VND20,503/liter.

In contrast to gasoline prices, oil prices increased simultaneously. Specifically, diesel increased by 91 VND/liter, not higher than 18,148 VND/liter; kerosene increased by 263 VND/liter, not higher than 18,833 VND/liter and fuel oil increased by 232 VND/kg, not higher than 16,461 VND/kg.

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

Ngoc Vy

Source: https://vtcnews.vn/gasoline-price-today-5-11-tiep-tuc-leo-doc-ar905617.html