In the world market, oil prices increased by more than 1% last week with Brent oil closing the week at 73.87 USD/barrel, and WTI oil closing at 70.35 USD/barrel.

This week, oil prices fell more than 2% in the first trading session of the week (November 11). By the second trading session (November 12), oil prices were almost flat.

At the beginning of the trading session on November 13, world oil prices decreased slightly. According to data from Oilprice, at 8:17 a.m. on November 13 (Vietnam time), Brent oil price was at 71.88 USD/barrel, down 0.01%; WTI oil price was at 68.09 USD/barrel, down 0.04% compared to the previous session.

Oil prices held near two-week lows as investors digested a cut in OPEC demand growth forecasts, a strong US dollar and disappointment over China’s latest stimulus plan.

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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Gasoline prices may be adjusted down tomorrow. Photo: Minh Hien

In the domestic market, tomorrow (November 14) 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 14 adjustment period may be adjusted down.

If the regulatory agency does not affect the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by VND110-190 per liter. Similarly, diesel prices are likely to fall by about VND250 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 be adjusted down, cutting off the increase of the previous adjustment period.

In the most recent adjustment period (November 7), the prices of all types of gasoline and oil (except fuel oil) were adjusted up by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the price of E5 gasoline was adjusted up by 340 VND/liter, the selling price is 19,740 VND/liter. The price of RON 95 gasoline increased by 350 VND/liter, the selling price is 20,850 VND/liter.

Similarly, diesel price was adjusted up sharply by 770 VND/liter, selling price is 18,910 VND/liter. Kerosene price increased by 460 VND/liter, price is 19,290 VND/liter.

Gasoline prices jump to nearly 21,000 VND/liter. Gasoline prices in today's adjustment period (November 7) were adjusted up, the highest increase belongs to diesel. The price of RON 95 gasoline increased to nearly 21,000 VND/liter.