Gasoline prices today November 8, 2024: Slight increase across the board
Gasoline price today November 8, 2024: World oil price increased slightly by about 0.5 - 0.6 USD/barrel compared to yesterday. Domestic gasoline price increased from 336 to 351 VND/liter
World oil prices today
World crude oil prices increased again in the last trading session of the week, with WTI and Brent both increasing by about 0.5 - 0.6 USD/barrel compared to yesterday.
According to data from TradingEconomics at 6:20 a.m. this morning (Vietnam time), the spot price of WTI crude oil in the US market was at 72.2 USD/barrel, up more than 0.52 USD/barrel compared to November 7. Similarly, the price of Brent oil was also trading around 75.5 - 75.6 USD/barrel, up 0.6 USD/barrel compared to November 7.
Overall, world crude oil prices rose from 0.7% to 0.86% in this session, recovering after a day of sharp decline.
Oil prices are supported by expectations that the Trump administration will tighten sanctions on Iran and Venezuela, which could reduce global oil supplies, said Andrew Lipow, president of Lipow Oil Associates. The market is waiting for decisions from President Trump and reacting to the possibility that he will implement policies similar to those of his previous term, when he imposed stricter sanctions on Iranian and Venezuelan oil, Lipow said.
Another factor supporting oil prices this session was the decision of the US Federal Reserve (Fed) to cut interest rates by another 0.25 percentage points after its policy meeting. The interest rate cut could boost the economy and increase energy demand.
In addition, oil supplies were also cut. In the US Gulf of Mexico, more than 22% of oil production, equivalent to about 391,214 barrels per day, was stopped due to oilfield closures in response to Hurricane Rafael.
However, oil prices were unable to rally further due to a number of factors. The US dollar index remained at a two-week high, despite falling nearly 1% after Donald Trump’s victory was confirmed. A strong US dollar makes oil more expensive for holders of other currencies, which typically puts pressure on oil prices.
Separately, data showed China's crude oil imports fell 9% year-on-year in October, marking the sixth straight month of declines. US gasoline and oil inventories also rose, keeping oil prices from rising sharply in the session.
Domestic gasoline prices
From 3:00 p.m. on November 7, gasoline prices increased from 336 to 351 VND per liter. Specifically, RON 95-III gasoline increased by 351 VND, to 20,854 VND/liter, while E5 RON 92 gasoline increased by 336 VND, reaching 19,744 VND/liter.
At the same time, oil prices fluctuated unevenly. Diesel oil increased sharply by 769 VND to 18,917 VND/liter, while kerosene also increased by 461 VND to 19,294 VND/liter. However, fuel oil price decreased by 67 VND to 16,394 VND/kg.
During this operating period, the Ministry of Industry and Trade and the Ministry of Finance have decided not to set aside or use the petrol price stabilization fund. Since the beginning of the year, petrol prices have increased 21 times and decreased 23 times.
Currently, some petroleum key enterprises still have a large balance in the price stabilization fund, thanks to not using the fund in recent operating periods. At the end of the second quarter, the balance of this fund reached 6,061 billion VND, down 18 billion VND compared to the previous quarter and the 5th consecutive quarter of decrease. Compared to the end of 2023, this fund decreased by nearly 600 billion VND.
Recently, the Ministry of Finance has proposed to maintain the environmental protection tax on gasoline at VND2,000/liter and on other fuels such as diesel, fuel oil, lubricants, and grease at VND1,000/liter or VND1,000/kg by 2025.
From 2026, environmental protection tax will be adjusted to the ceiling level according to regulations: gasoline (except ethanol) is 4,000 VND/liter, jet fuel is 3,000 VND/liter, diesel oil, fuel oil, lubricants are 2,000 VND/liter, kerosene is 1,000 VND/liter and grease is 2,000 VND/kg.
If the consumption of gasoline, oil and lubricants in 2025 is the same as this year, the Ministry of Finance estimates that the state budget will reduce revenue by about VND44,224 billion, of which more than VND40,204 billion will be due to a reduction in environmental protection tax and more than VND4,020 billion from value added tax.
