Gasoline price today November 19, 2024: Oil price increased by more than 2 USD/barrel
Oil prices today November 19, 2024: World oil prices jumped more than 2 USD/barrel, greatly affected by the fact that President Joe Biden's administration is said to have agreed to Ukraine using long-range weapons transferred by the US.
World oil prices
World crude oil prices today unexpectedly increased sharply, with WTI oil reaching 68.9 USD/barrel, up 2.92%, and Brent oil at 73 USD/barrel, up 2.79%.
The main reason was the escalating tensions between Russia and Ukraine, when the US agreed to supply long-range weapons to Ukraine, causing concerns about rising oil supplies. In addition, weak economic data from China and forecasts of a global oil surplus by 2025 also contributed to the price increase.
In addition, Equinor's production halt at the Johan Sverdrup oil field and a decline in output at Kazakhstan's Tengiz field due to repairs also tightened supplies, pushing oil prices higher.
Oil prices could rise further if Ukraine continues to attack Russian oil facilities.
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 VND247/liter, to VND20,607/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 spend the Petroleum Price Stabilization Fund for petroleum products. Since the beginning of the year, the price of petroleum has increased 21 times and decreased 24 times.
On November 15, in Da Lat city, the General Department of Market Management (GDM) and the Vietnam National Petroleum Group (Petrolimex) jointly organized a conference to review the coordination regulations between the GDM and petroleum companies in the Central Coast, Central Highlands and Southeast regions in preventing violations in petroleum trading in the period 2020-2024.
The goal of the coordination between the two agencies is to improve the effectiveness of market management, protect the legitimate rights of consumers and petroleum businesses, and clean up the market. This coordination regulation was signed on July 3, 2020 between the General Department of Market Management and the Vietnam National Petroleum Group. Local Market Management Departments have also signed separate working agreements.
During the conference, the two sides evaluated the results after 5 years of implementing the coordination regulations in the management of the petroleum market. The cooperative relationship between the Market Management Department and petroleum companies has achieved many positive results. Both units have deployed many inspection and supervision measures to ensure transparency and compliance with the law in petroleum trading.
The results of inspections and checks by the Market Management force in the areas from July 3, 2020 to October 15, 2024 showed that 5,070 inspections and checks were carried out, 974 violations were detected, and nearly 31.8 billion VND was collected for the State budget. In particular, the violations were mainly related to commercial fraud, such as interfering with fuel measuring devices using remote control technology and programming errors on the circuit board. The locations of the seals remained the same, making it difficult to detect and handle violations.
Speaking at the conference, Director General Tran Huu Linh highly appreciated the coordination between agencies in recent times. He suggested strengthening market inspection and control, promoting coordination and disseminating the law to raise awareness of compliance among business organizations and individuals.
