Gasoline prices today November 26, 2024: Sharp decrease across the board
Oil prices today, November 26, 2024: World crude oil prices unexpectedly fell sharply. Specifically, WTI oil price was at 69.07 USD/barrel, down 3.05%; Brent oil price was at 73.16 USD/barrel, down 2.69%.
World oil prices
At 5:00 a.m. on November 26, 2024 (Vietnam time), the price of WTI oil was recorded at 69.07 USD/barrel, down 3.05%, equivalent to an increase of 2.17 USD/barrel. Similarly, the price of Brent oil reached 73.16 USD/barrel, down 2.69%, equivalent to an increase of 2.02 USD/barrel.
Oil prices fell more than $3 a barrel today after news that Israel and Lebanon had reached an agreement to end the conflict between Israel and Hezbollah.
Last week, Brent and WTI both posted their biggest weekly gains since late September, and reached their highest settlement levels since November 7. The gains came after Russia fired a hypersonic missile into Ukraine, in a warning to the US and UK about Ukraine using their weapons to attack Russia.
Azerbaijan Energy Minister Parviz Shahbazov told Reuters that OPEC+ may consider maintaining current oil production cuts from January 1, 2025, at its upcoming meeting on Sunday. The OPEC+ group, which includes major oil producers such as Russia, has postponed plans to raise oil prices this year due to concerns about global oil demand.
Domestic gasoline prices
On November 21, in the 5th regular gasoline price adjustment session, the Ministry of Finance - Ministry of Industry and Trade decided to reduce domestic gasoline prices. Specifically, from 3:00 p.m. on November 21, gasoline prices will decrease across the board.
- RON 95-III gasoline price (common type on the market) retails around 20,520 VND/liter, down 80 VND;
- E5 RON 92 gasoline retail price is around 19,340 VND/liter, down 110 VND;
- Retail diesel price is around 18,509 VND/liter, down 64 VND;
- Retail price of kerosene is over 18,921 VND/liter, down 67 VND/liter;
- Retail price of fuel oil is over 16,014 VND/liter; increased 5 VND/kg.
Since the beginning of 2024, domestic gasoline prices have undergone 46 adjustments, including 23 decreases, 18 increases and 6 opposite changes.
On November 25, the Market Management Department of Ho Chi Minh City reported on petroleum trading activities in the city. Currently, Ho Chi Minh City has 14 key enterprises trading in petroleum import and export, 63 distributors, 1 general agent, 35 retail agents and 540 petroleum retail stores.
According to the report, gas stations in the city are operating normally, meeting the needs of the people. There have been no reports of hoarding or selling at prices other than listed.
Although the overall situation is stable, Ho Chi Minh City currently has 29 stores temporarily closed. Of which:
18 stores are waiting for re-issuance of Certificate of eligibility for petroleum business.
6 stores of VietOil Group Joint Stock Company stopped operating due to the suspension of gasoline supply and were involved in a criminal case.
5 other stores are closed for other reasons.
The Ho Chi Minh City Market Management Department is actively implementing measures to ensure a stable supply of gasoline. Market Management Teams are required to strictly implement instructions from the Government and the Ministry of Industry and Trade, and to strengthen inspection and handling of violations in gasoline trading activities.
The Market Management Teams assign staff to work overtime and on holidays to monitor petroleum trading activities. At the same time, the Teams closely coordinate with the Ho Chi Minh City Department of Industry and Trade to monitor the supply situation. When detecting violations such as stopping business without reason or hoarding goods, the Teams will clarify the cause and handle them according to regulations.
The Market Management Department pledges to increase surprise inspections and strictly handle violations in the production and trading of gasoline. These measures aim to prevent fake and poor quality gasoline and protect the interests of businesses and consumers.
