Postponing domestic gasoline price adjustment date to November 13

Informing VTC News , Mr. Phan Van Chinh, Director of the Domestic Market Department - Ministry of Industry and Trade , said that the Ministry of Industry and Trade - Ministry of Finance will adjust retail gasoline prices on Monday, November 13, instead of November 11 as usual.

"This is consistent with the provisions of Decree 95/2021/ND-CP on petroleum trading," said Mr. Chinh.

Meanwhile, forecasting domestic retail gasoline prices in the next adjustment period, many opinions say that product prices may decrease across the board.

It is forecasted that the decrease in gasoline prices could be from 300 to 400 VND, while the decrease in oil prices would range from 400 to 700 VND/liter or kg.

Gasoline prices are expected to decrease in the operating period on November 13. (Illustration photo: Cong Hieu)

In the domestic market, the selling prices of gasoline and oil today are being applied according to the prices at the management session on the afternoon of November 1 of the Ministry of Finance - Industry and Trade.

Specifically, the price of E5 RON92 gasoline increased by VND249/liter, to VND22,614/liter, and the price of RON95 gasoline increased by VND416/liter, to VND23,929/liter.

Diesel price decreased by 549 VND/liter, not higher than 21,940 VND/liter; kerosene decreased by 448 VND/liter, not higher than 22,305 VND/liter and mazut decreased by 373 VND/kg, not higher than 16,240 VND/kg.

Since the beginning of the year, gasoline prices have undergone 31 adjustments, including 18 increases, 9 decreases, and 4 unchanged.

Meanwhile, in the world , at 6:30 a.m. on November 11, WTI oil price was trading at 77.17 USD/barrel, up 1.42 USD/barrel compared to early this morning, while Brent oil was trading at 81.43 USD/barrel, up 1.42 USD/barrel.

Oil prices edged up slightly but for the week, both Brent and WTI suffered losses of around 4%, marking their third consecutive weekly decline, although both have exited technically oversold territory.

“ We came into this week with near-record short positions and now we are seeing some short selling going into the weekend ,” said Phil Flynn, analyst at Price Futures Group.

Saudi Arabia and Russia confirmed this week that they would continue to cut oil production until the end of the year. In the US, energy companies also cut the number of oil rigs operating for a second consecutive week to the lowest level since January 2022, according to energy services firm Baker Hughes.

Analysts at Commerzbank said demand concerns have replaced fears of production outages related to conflict in the Middle East. Weak economic data from China this week added to concerns about weakening demand in the world’s top oil consumer, while OPEC+ could cut supply further if prices continue to fall.

PHAM DUY

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