Gasoline price today November 28, 2024: Forecast to increase sharply in the management period this afternoon
Gasoline price today November 28, 2024: Some experts predict that gasoline prices will increase sharply in the management period this afternoon, E5 RON92 gasoline may increase by 500 - 600 VND/liter
World oil prices
World oil prices showed signs of increasing again in this morning's trading session. Specifically, WTI oil prices increased slightly to 68.8 USD/barrel, while Brent oil traded around 72.8 USD/barrel.
However, oil prices remain influenced by factors such as US petroleum inventory reports and concerns about the pace of US interest rate cuts next year.
The U.S. Energy Information Administration reported that U.S. gasoline inventories rose 3.3 million barrels to 212.2 million barrels in the week ended November 22, contrary to expectations for a decrease. However, crude oil inventories fell 1.8 million barrels, surpassing expectations.
The increase in gasoline inventories despite flat demand was a surprise, despite forecasts of high travel demand for Thanksgiving, said Matt Smith, an analyst at Kpler.
Oil prices were also hit by concerns about stalling progress in reducing inflation, which could narrow the scope for interest rate cuts by the US Federal Reserve (Fed) in 2025.
Traders expect the Fed to cut rates by 25 basis points at its December meeting, but could leave rates unchanged at its January and March meetings, according to CME Group's FedWatch tool.
Oil prices were also affected by the ceasefire agreement between Israel and Hezbollah that took effect on November 27. However, there are concerns that this agreement may not be maintained for long.
Another factor driving up oil prices was news of tariffs that President-elect Donald Trump threatened to impose on imports from Mexico and Canada.
Oil industry experts warn that the move could push up oil prices and reduce the profits of US refineries.
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.
According to the domestic gasoline price management cycle, at 3:00 p.m. this afternoon (November 28), retail gasoline prices are expected to be adjusted up sharply.
Some experts believe that the price of E5 RON92 gasoline may increase by 500 - 600 VND/liter, while RON95 gasoline is forecast to increase by about 350 - 500 VND/liter. Other types of oil may also increase by 250 - 400 VND/liter or kg. However, if the regulatory agency decides to use the stabilization fund, the price increase may be adjusted down slightly.
The main reason for this price increase forecast is that world oil prices have been on a continuous upward trend over the past week, reaching a two-week high. Although prices have since fallen, the decline has been insignificant, keeping world oil prices at a high level.
Support Son La to overcome natural disaster consequences
On November 27, the Vietnam Fatherland Front Committee (VFF) of Son La province received donations from the Vietnam National Petroleum Group to support overcoming the consequences of natural disasters in 2024.
In 2024, Son La province was severely affected by the circulation of storms No. 2 and No. 3, causing flooding, flash floods and landslides. Natural disasters killed 12 people, injured 7; damaged nearly 2,700 houses; affected 29 schools; swept away 15 suspension bridges and damaged 82 irrigation works. In addition, 130 landslides caused serious traffic disruptions, with total estimated damage of more than 666 billion VND.
To share the difficulties with the people of Son La, the Vietnam National Petroleum Group has donated 3 billion VND, helping people in areas affected by natural disasters quickly overcome the consequences and stabilize their lives.
The leaders of the Vietnam Fatherland Front Committee of Son La province expressed their deep gratitude to the Vietnam National Petroleum Group for this valuable support. At the same time, the provincial leaders pledged to effectively use the support to help people in the damaged areas stabilize their lives and recover their economy after the natural disaster.
