Gasoline price today November 22, 2024: Gasoline price decreased for 2 consecutive sessions

World oil prices

This morning, November 22, the world crude oil price increased sharply. At 6:15 am (Vietnam time), the WTI oil price reached 70.1 USD/barrel, an increase of more than 1.3 USD/barrel compared to yesterday.

Also this morning, Brent oil price was trading at 74.26 USD/barrel, up more than 1.45 USD/barrel compared to November 21. After a previous price drop, world crude oil today recovered to a high level.

According to the Ministry of Industry and Trade, during the price adjustment period from November 14 to November 20, 2024, world oil prices were affected by a number of factors such as: China's economic stimulus plan did not meet expectations, the conflict in the Middle East continued and the military tension between Russia and Ukraine escalated. These factors caused world oil prices to change, increase or decrease depending on each type of product.

Average gasoline prices during the operating period from November 14 to November 21, 2024 are as follows:

RON92 gasoline (used to blend E5RON92 gasoline) costs 77.578 USD/barrel, down 0.676 USD/barrel (0.86%).

RON95 gasoline is priced at 83.646 USD/barrel, down 0.482 USD/barrel (0.57%).

Kerosene is priced at $88.612/barrel, down $0.456/barrel (0.51%).

Diesel 0.05S is priced at 88.202 USD/barrel, down 0.436 USD/barrel (0.49%).

Mazut oil 180CST 3.5S is priced at 450.048 USD/ton, down 0.156 USD/ton (0.03%).

Domestic gasoline prices

On the afternoon of November 21, the Ministry of Finance and the Ministry of Industry and Trade announced an adjustment in gasoline prices, effective from 3:00 p.m. the same day.

Specifically, E5 RON 92 gasoline decreased by 110 VND/liter, and RON 95 gasoline decreased by 80 VND/liter. After adjustment, the price of E5 RON 92 gasoline is 19,340 VND/liter, and RON 95 gasoline is 20,520 VND/liter.

Oil prices also decreased in this adjustment. Diesel oil decreased by 70 VND/liter to 18,500 VND/liter, and kerosene decreased by 60 VND/liter to 18,920 VND/liter. However, fuel oil increased by 10 VND/kg to 16,010 VND/kg. In this adjustment, the joint ministries decided not to draw from the price stabilization fund.

With this adjustment, gasoline prices have decreased twice in a row after an increase. The current price is the lowest in more than 3 years, equivalent to the price in May 2021. Since the beginning of the year, gasoline prices have increased 21 times and decreased 25 times, while diesel has increased 20 times and decreased 25 times.

Recently, the Ministry of Finance proposed to continue to reduce the environmental protection tax on gasoline by half, jet fuel by 70% and kerosene by 40% until the end of next year. The Vietnam Confederation of Commerce and Industry (VCCI) believes that extending this policy until 2025 is very necessary and urgent to control inflation, stabilize the macro-economy and support business recovery.

According to the operator, gasoline prices fluctuated last week due to many factors, including disappointment with China's economic stimulus plan, conflicts in the Middle East, and the war between Russia and Ukraine. These factors have affected gasoline prices, depending on the product. On average, in the past 7 days, gasoline prices decreased by 0.6-0.9%, while oil prices decreased by 0.5%. Specifically, RON 95 gasoline prices were 83.6 USD/barrel and diesel oil was 88.2 USD/barrel, while fuel oil was 450 USD/ton.