In the world market, oil prices last week recorded a weekly decrease. Overall, last week, Brent oil prices decreased by about 4%, WTI oil prices decreased by about 3%.

Oil prices rose nearly 3% in early trading this week after the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to postpone plans to increase production for a month.

Oil prices rose 0.7% on Monday, supported by the possibility of reduced US production in the Gulf of Mexico due to a storm and a weaker US dollar on US presidential election day.

At the beginning of the trading session on November 6, world oil prices fell. According to data from Oilprice, at 11:01 a.m. on November 6 (Vietnam time), Brent oil price was at 74.86 USD/barrel, down 0.89%; WTI oil price was at 71.44 USD/barrel, down 0.76% compared to the previous session.

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

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Domestic gasoline prices may decrease tomorrow. Photo: Anh Nguyen

Tomorrow (November 7) is the time to regulate retail gasoline prices according to Decree 80/2023.

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

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 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.