Gasoline price today November 12, 2024: Sharp drop to lowest level since early November

World oil prices today

According to data from TradingEconomics and Oilprice at 6:42 a.m. this morning (Vietnam time), the spot price of WTI crude oil in the US market is currently at 68.17 USD/barrel, down more than 2.2 USD compared to November 11, equivalent to a decrease of 3.14% during the day.

Similarly, Brent oil price fell to 71.9 USD/barrel, down more than 1.9 USD compared to yesterday, equivalent to a decrease of 2.63%.

Compared to last month, WTI and Brent crude oil prices fell between 7.15% and 7.68%, currently at their lowest levels since early November.

This is the second consecutive session of sharp decline in crude oil prices, mainly due to the impact of US policy after the election. Specifically, the slight increase in the value of the USD has made crude oil more expensive for users of other currencies, causing downward pressure on prices.

In addition, demand for crude oil in the US and China is decreasing, while OPEC forecasts to increase production by 1.4 million barrels/day by 2025. This contributes to reducing crude oil prices in the coming time.

In China, despite a series of economic stimulus measures, consumer prices rose at their slowest pace in four months in October. At the same time, producer prices fell sharply, reducing oil demand and putting pressure on prices.

The DXY index (a gauge of the strength of the US dollar) rose above its peak recorded last week after the US presidential election, as the market awaited the future policies of the US administration. The measures expected by President Donald Trump, including tariffs and tax cuts, could push up inflation and bond yields, while reducing the possibility of easing interest rate policy by the US Federal Reserve (Fed), thereby further supporting the USD and affecting oil prices.

At the same time, Hurricane Rafael in the Gulf of Mexico caused 25.7% of US crude oil production and 13% of natural gas production to be suspended.

On the crude oil supply side, OPEC+ announced that it would increase supply by 180,000 barrels per day in December. However, a recent agreement among OPEC+ members decided to postpone the production expansion until January next year.

Domestic gasoline prices

Domestically, retail gasoline prices on November 11 are as follows:

E5 RON 92 gasoline is not more than 19,744 VND/liter.

RON 95-III gasoline is not more than VND 20,854/liter.

Diesel oil not more than 18,917 VND/liter.

Kerosene not more than 19,294 VND/liter.

Fuel oil not exceeding 16,394 VND/kg.

The Ministry of Industry and Trade is seeking comments on the 4th Draft Decree on Petroleum Business, but many proposals have not yet been agreed upon.

Mr. Hoang Van Cuong, National Assembly Delegate and Member of the National Assembly's Finance and Budget Committee, said that we now have enough conditions to integrate into the international market. Therefore, businesses need to be free to buy and sell and compete fairly in the market.

Mr. Phan Van Chinh, Director of the Domestic Market Department, said that the draft decree on petroleum trading is being developed by the Ministry of Industry and Trade, which includes a regulation that distributors are not allowed to buy goods from each other. However, this regulation has been carefully considered by the Ministry.

Mr. Chinh also emphasized: “Enterprises have the right to do anything that is not prohibited by law. However, in the petroleum industry – a conditional business sector, businesses must fully comply with the provisions of the law.”

When amending the decrees on petroleum trading and issuing Decree 80, the Government decided to cut down on intermediaries, such as general agents, and implement management according to a straight supply chain instead of a horizontal chain.