Gasoline prices are expected to decrease for the fourth consecutive time in the operating period tomorrow, November 7, 2024

Gasoline prices are expected to decrease at the operating session tomorrow, November 7, 2024, following world trends.

Tomorrow (November 7) is the time to regulate retail gasoline prices 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 gasoline trading.

Gasoline prices are expected to decrease in the operating period tomorrow, November 7, 2024, following the world trend. Photo: Thanh Tuan

At 6:00 a.m. on November 6, WTI oil price increased by 0.01 USD, equivalent to 0.01%, to 72 USD/barrel. Brent oil price increased by 0.45 USD, equivalent to 0.6%, to 75.63 USD/barrel.

Oil prices rose, supported by the possibility of a storm-related drop in U.S. Gulf of Mexico oil production and a weaker dollar on U.S. presidential election day.

Oil prices are rising on supply/demand dynamics, geopolitics and election fever, with a little bit of weather to add stability, said Bob Yawger, director of energy futures at Mizuho.

Oil prices also rose as OPEC+ said it would extend its production cuts of 2.2 million barrels per day into December, citing weak demand. Previously, OPEC+ planned to increase monthly production by 180,000 barrels per day from December.

In the Singapore market, the average price of finished gasoline in the last period decreased slightly compared to the previous period.

Based on the developments in world oil prices, some oil businesses believe that domestic oil prices at the November 7 adjustment period may be adjusted downward.

If the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by VND80-150 per liter. On the contrary, diesel prices are likely to increase by about VND280 per liter.

In case the regulatory agency draws from the Petroleum Price Stabilization Fund, the gasoline price may decrease less or remain the same.

If the above forecast is correct, domestic gasoline prices will have their fourth consecutive decrease.

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 7, the retail price of E5 RON 92 gasoline is forecast to decrease by 66 VND (0.3%) to 19,334 VND/liter, while RON 95-III gasoline may decrease by 123 VND (0.6%) to 20,377 VND/liter.

VPI's model also forecasts that this period, diesel prices will increase by 1.5% to VND18,421/liter, while kerosene prices may decrease by 0.1% to VND18,806/liter, and fuel oil may decrease by 1.6% to VND16,198/kg. VPI forecasts that the Ministry of Finance and Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.

In the most recent adjustment period (October 31), the prices of gasoline were adjusted down by the Ministry of Industry and Trade - Ministry of Finance while oil prices increased.

Specifically, the price of E5 gasoline was adjusted down by 290 VND/liter, selling price is 19,400 VND/liter. The price of RON 95 gasoline decreased by 390 VND/liter, selling price is 20,500 VND/liter.

Meanwhile, oil products all increased. Diesel prices increased by 90 VND, up to 18,140 VND/kg. Kerosene prices increased by 260 VND/liter, up to 18,830 VND/liter.

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://congthuong.vn/gia-xang-du-bao-giam-lan-thu-tu-lien-tiep-vao-ky-dieu-hanh-ngay-mai-7112024-357166.html