World oil prices on November 25 (Vietnam time) decreased simultaneously. At 11:11, WTI crude oil was at 71.06 USD/barrel, down 0.18 USD/barrel, equivalent to a decrease of 0.25%. Brent oil was at 74.45 USD/barrel, down 0.18 USD/barrel, equivalent to a decrease of 0.24%.
Although world oil prices fell at the beginning of the week, last weekend, oil prices had many consecutive strong increases.
Speaking to Lao Dong, a representative of the Vietnam Commodity Exchange (MXV) said that the energy market witnessed an impressive week of gains when all commodities improved, of which crude oil was the main highlight with a 6% increase, completely erasing the 4% decrease in the previous week.
Bottom-fishing buying pressure in the market, rising geopolitical tensions and concerns about short-term oil supply shortages in some major oil-producing regions are the reasons that pushed world oil prices to skyrocket last week.
Oil prices have risen amid the conflict in the Middle East that shows no signs of abating, while changes in US policy regarding the war in Ukraine have pushed the market to worry that global crude oil supplies could be disrupted.
In addition, a power outage that halted production at Western Europe’s largest oil field, Johan Sverdrup, also raised concerns about disruptions in crude supplies in the North Sea. These factors pushed up global oil prices.
For the domestic market, gasoline prices are currently linked to the world market, so according to the forecast of some gasoline distribution and trading enterprises in Hanoi, in the next adjustment session (Thursday, November 28, 2024), gasoline prices are expected to increase simultaneously.
Of which, E5 RON 92 gasoline is forecast to increase by 470 VND/liter; Ron 95 gasoline is forecast to increase by 440 VND/liter; DO oil is forecast to increase by 490 VND/liter. The above forecast prices do not take into account the authorities' allocation or use of the Petroleum Price Stabilization Fund. In case the regulatory agency uses it, the gasoline price will increase less.
On November 25, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of November 21. Accordingly, most gasoline and oil products decreased simultaneously. The price of E5 RON 92 gasoline decreased the most, by 109 VND/liter. RON 95-III gasoline decreased by 79 VND/liter, diesel oil decreased by 64 VND/liter, kerosene decreased by 67 VND/liter. Only fuel oil increased by 5 VND/kg.
