Gasoline price today November 6, 2024: Continue to increase

World oil prices today

Early on the morning of November 6, crude oil prices on major exchanges in the US increased simultaneously, reaching the highest level in the past two weeks.

At 6:20 a.m. (Vietnam time), WTI and Brent crude oil prices in the US market continued to increase compared to November 5.

WTI crude oil price was sold at 72 USD/barrel, up 0.5 USD/barrel, equivalent to an increase of about 0.78%.

Brent oil price also increased to 75.5 USD/barrel, up 0.2 USD/barrel, equivalent to an increase of about 0.57%.

Data from TradingEconomics shows that crude oil prices have been trending higher over the past week, partly due to the influence of the 2024 US election.

The 2024 US election results will be announced today, and are expected to affect oil prices.

On average, crude oil prices rose between 2.9% and 3.1% on the day, a significant increase from last week.

Thus, as experts predicted, after falling at the end of last week, crude oil prices have started to rise again since the beginning of this week.

Current crude oil prices are similar to those in September and October, but lower than those in June, July and August.

The increase in crude oil prices over the past two days is believed by international experts to be due to the influence of the start of the 2024 US election.

Domestic gasoline prices

At 3:00 p.m. on October 31, during the period of adjusting gasoline prices, the Ministry of Industry and Trade - Ministry of Finance decided to adjust domestic retail gasoline prices.

The adjustment goal is to make domestic gasoline prices reflect the fluctuations of the world market, while maintaining a reasonable difference between E5RON92 biofuel and RON95 mineral gasoline, in order to encourage the use of biofuels according to the Government's policy, and ensure harmonious benefits for market participants.

Domestic retail prices of gasoline on November 5 are as follows:

E5 RON 92 gasoline is not more than 19,408 VND/liter.

RON 95-III gasoline is not more than VND 20,503/liter.

Diesel oil not more than 18,148 VND/liter.

Kerosene not more than 18,833 VND/liter.

Fuel oil not exceeding 16,461 VND/kg.

The Ministry of Industry and Trade said it will coordinate with relevant agencies to inspect and monitor the assurance of gasoline supply from businesses and will strictly handle violations, if any.

According to information from a domestic petroleum business, domestic petroleum prices will continue to change according to fluctuations in world petroleum prices. It is forecasted that in the next price adjustment period on November 7 (Thursday), petroleum prices may increase.

Specifically, the price of E5RON92 gasoline may increase by about 380 VND/liter, RON95 gasoline by 400 VND/liter, and DO oil by about 790 VND/liter. However, if the Ministry of Industry and Trade and the Ministry of Finance use the Price Stabilization Fund, the price increase may be lower or gasoline prices may remain the same.