Gasoline prices are expected to increase in the operating period tomorrow, November 28, 2024

Domestic gasoline prices are expected to be adjusted up in the operating period tomorrow (November 28) according to world prices.

Tomorrow (November 28) is the operating period. retail price of gasoline 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 petroleum trading.

Gasoline prices are expected to increase tomorrow, November 28, 2024. Photo: TH

On the world market, at 6:00 a.m. on November 27, Brent oil price decreased slightly by 0.2 USD, equivalent to 0.27%, to 72.81 USD/barrel. WTI oil price decreased by 17 cents, equivalent to 0.25%, to 68.77 USD/barrel.

Oil prices fell after Israel agreed to a ceasefire with Lebanon, reducing risk appetite for oil. The deal is expected to take effect today. Israeli Prime Minister Benjamin Netanyahu said he was ready to implement the ceasefire with Lebanon and would respond strongly to any violations by Hezbollah.

A ceasefire could put pressure on crude prices, as the US administration is likely to ease sanctions on Iranian oil, said StoneX analyst Alex Hodes.

In addition, OPEC and its allies (OPEC+) are still discussing continuing to postpone the plan to increase oil production, expected to start in January 2025, ahead of a meeting on December 1 to decide policy for the first months of next year.

Based on the developments in world oil prices, some oil companies believe that domestic oil prices in the November 28 adjustment period may be adjusted upwards. If the regulator does not influence the Oil Price Stabilization Fund, domestic oil prices may increase by VND320-500 per liter. Similarly, diesel prices are likely to increase by VND250-300 per liter.

In case the management agency spends the Petroleum Price Stabilization Fund, gasoline prices may increase less or remain the same.

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 28, the retail price of E5 RON 92 gasoline is forecast to increase by VND332 (1.7%) to VND19,672/liter, while RON 95-III gasoline may increase by VND263 (1.3%) to VND20,783/liter.

VPI's model forecasts that retail oil prices will also increase by 0.2 - 1.3% this period, of which diesel prices may increase by 1.3% to VND18,736/liter, kerosene prices are forecast to increase by 0.8% to VND18,077/liter, and fuel oil may increase by 0.2% to VND16,041/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 (November 14), the prices of all types of gasoline were adjusted down by the Ministry of Industry and Trade - Ministry of Finance. Specifically, the price of E5 gasoline decreased by 109 VND/liter, not higher than 19,343 VND/liter. The price of RON95 gasoline decreased by 79 VND/liter, not higher than 20,528 VND/liter.

Diesel price decreased by 64 VND/liter, down to 18,509 VND/liter. Kerosene price decreased by 67 VND/liter, down to 18,921 VND/liter. Fuel oil price increased by 5 VND/kg, not higher than 16,014 VND/kg.

At this session, the association Ministry of Industry and Trade - Finance continues not to set aside or use the petroleum price stabilization fund for any products.

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