Gasoline price today November 21, 2024: Price forecast to decrease slightly this afternoon

World oil prices

At 5:00 a.m. on November 21, 2024 (Vietnam time), WTI oil price decreased by 0.63% to 68.95 USD/barrel, while Brent oil price decreased by 0.29% to 73.1 USD/barrel.

According to data from the US Energy Information Administration, US gasoline inventories increased by 2.1 million barrels and crude oil inventories increased by 500,000 barrels in the week ended November 15.

On the supply side, Norway’s Equinor has fully restored production at its Johan Sverdrup oilfield after a power outage. However, oil demand in China remains weak, although Beijing’s economic stimulus packages have failed to boost short-term oil demand growth.

The escalating conflict between Russia and Ukraine has raised concerns about future disruptions to oil supplies. John Kilduff, partner at Again Capital, said supply risks are supporting oil prices, offsetting concerns about global demand.

Separately, the US vetoed a UN resolution calling for a ceasefire in Gaza, raising concerns about supply disruptions as conflict in the Middle East continues.

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.

It is forecasted that domestic gasoline prices will decrease slightly in the adjustment period at 3:00 p.m. on November 21, 2024, following the world price trend. Specifically, gasoline prices may decrease by a maximum of VND400/liter, and oil prices may decrease by up to VND250/liter or kg. According to information from the Ministry of Finance - Industry and Trade, it is highly likely that the gasoline price stabilization fund will not be used in this adjustment period.

Based on the forecast model of the Vietnam Petroleum Institute (VPI), gasoline prices will decrease from 0.3% to 1.6% if the price stabilization fund is not used. Specifically, the price of E5 RON92 gasoline may decrease by 255 VND (1.3%) to 19,195 VND/liter; RON95 gasoline may decrease by 201 VND (1%) to 20,399 VND/liter. Diesel prices may decrease by up to 1.6% to 18,277 VND/liter; kerosene may decrease by 0.9% to 18,804 VND/liter; fuel oil may decrease slightly by 0.3% to 15,948 VND/kg.

On November 19, 2024, the People's Committee of Nghe An province approved the plan to develop a system for storing and supplying petroleum and gas until 2030, with a vision to 2050. In the period up to 2030, Nghe An will build an aviation fuel depot in Nghi Kim commune, Vinh city with a capacity of 900 m3. The petroleum storage infrastructure will also be expanded, including increasing the capacity of the DKC petroleum depot (total capacity of 296,070 m3) and the Nghi Huong petroleum depot (total capacity of 43,000 m3).

After 2030, Nghe An will continue to exploit and maintain the operation of 7 warehouses that have been built, with a total capacity of about 361,490 m3. At the same time, the province will invest in upgrading technological equipment to ensure fire safety and environmental sanitation, and apply information technology in management.

Infrastructure expansion plans also include the expansion of Nghi Huong (48,200 m3), Ben Thuy (20,000 m3), Tan Xuan and Phuc Thai Tho (5,000 m3 each) petroleum depots. In addition, the province will build three more downstream petroleum depots and arrange a transshipment vessel at Dong Hoi Port.