Gasoline price today November 15, 2024: Oil price continues to increase slightly, domestic gasoline price decreases simultaneously

World oil prices

A sharp drop in US fuel inventories has overshadowed concerns about an oil glut amid weak demand due to a stronger US dollar, Reuters reported.

Brent crude rose 28 cents, or 0.4 percent, to $72.56 a barrel, while WTI crude rose 27 cents, or 0.4 percent, to $68.70 a barrel. Both crudes were trading lower for much of the session.

The U.S. Energy Information Administration said gasoline inventories fell 4.4 million barrels to 206.9 million barrels in the week ended November 8, the lowest level since November 2022. That was in stark contrast to analysts' expectations, which had expected an increase of 600,000 barrels. Distillate inventories (such as diesel and heating oil) also fell 1.4 million barrels.

US gasoline prices also rose 0.8%, while heating oil prices edged down 0.3% after a brief spike on falling inventory data, Reuters reported.

However, oil price gains were limited by a report showing US crude inventories rose by 2.1 million barrels, 2.8 times higher than analysts' forecast for an increase of 750,000 barrels.

The International Energy Agency (IEA) forecasts that global oil supply will exceed demand by 2025, driven largely by continued production growth from the United States and non-OPEC+ countries while oil demand growth slows. The IEA expects oil demand to increase by 60,000 barrels per day in 2024 to 920,000 barrels per day, with demand growth in 2025 at 990,000 barrels per day.

The strong US dollar to a one-year high also limited oil prices' gains.

Oil prices are trying to stabilize, but a stronger dollar is making it difficult, said Dennis Kissler, senior vice president of trading at BOK Financial. In addition, if the Donald Trump administration controls the US Congress, many of President Joe Biden's energy policies could be reversed.

Giovanni Staunovo, oil strategist at UBS Switzerland AG, forecasts Brent crude oil prices will average $80 a barrel in 2025, down $5 from his forecast in late September. He said the oil market could be balanced or slightly oversupplied next year.

Domestic gasoline prices

The Ministry of Industry and Trade - Ministry of Finance has just decided to adjust and reduce gasoline prices as follows:

RON 95-III gasoline decreased by 247 VND/liter, to 20,607 VND/liter.

E5 RON 92 gasoline decreased by 292 VND/liter, to 19,452 VND/liter.

Diesel oil decreased by 344 VND/liter, to 18,573 VND/liter.

Kerosene decreased by 306 VND/liter, to 18,988 VND/liter.

Fuel oil decreased by 385 VND/kg, to 16,099 VND/kg.

During this adjustment period, the management agency did not set aside or use the Petroleum Price Stabilization Fund for petroleum products. Since the beginning of the year, gasoline prices have increased 21 times and decreased 24 times.

Currently, some key enterprises still have a large positive gasoline price stabilization fund, because many recent management periods have not used this fund. As of the end of the second quarter, the fund balance was VND6,061 billion, down VND18 billion compared to the previous quarter and down nearly VND600 billion compared to the end of 2023.

The Ministry of Finance has also proposed to continue applying the environmental protection tax rate for 2025, with gasoline at 2,000 VND/liter; jet fuel, diesel, fuel oil, and lubricants at 1,000 VND/liter; and grease at 1,000 VND/kg.

From 2026, environmental protection tax will return to the ceiling level as prescribed: gasoline (except ethanol) is 4,000 VND/liter; jet fuel is 3,000 VND/liter; diesel, fuel oil, lubricants are 2,000 VND/liter; kerosene is 1,000 VND/liter; grease is 2,000 VND/kg.

With the consumption of gasoline, oil and grease in 2025 being the same as this year, the Ministry of Finance estimates that the state budget will reduce revenue by about VND44,224 billion, including more than VND40,204 billion from environmental protection tax and more than VND4,020 billion from value added tax.