Gasoline price today November 1, 2024: World oil price increases, domestic gasoline price decreases
Gasoline and oil prices today, November 1, 2024: World oil prices increased sharply due to tensions in the Middle East. Domestically, gasoline prices decreased slightly, oil prices increased slightly according to the adjustment period at 3:00 p.m. on October 31.
According to Oilprice, at 5:00 a.m. on November 1, 2024 (Vietnam time), WTI oil price reached 70.53 USD/barrel, up 0.95% (equivalent to 0.65 USD/barrel). Brent oil price also increased to 73.17 USD/barrel, up 0.84% (equivalent to 0.61 USD/barrel).
Iran, a member of OPEC, produces about 3.2 million barrels of oil per day, accounting for 3% of global output.
In China, the world's largest oil importer, manufacturing activity grew in October for the first time in six months. The National Bureau of Statistics' Purchasing Managers' Index (PMI) rose to 50.1 from 49.8 in September, marking a recovery and beating the median forecast of 49.9, suggesting that economic stimulus measures are working.
The week started with a big sell-off, with Brent and WTI falling more than 6% on Monday after Israel showed restraint in its retaliatory strikes on Iran. The possibility of OPEC+ delaying plans to increase oil production also supported prices on Thursday.
According to Reuters, this decision could be made as early as next week, while OPEC+ is expected to meet on December 1 to consider further policies.
Domestic gasoline prices
Gasoline prices have decreased simultaneously, while oil prices have increased, starting from 3:00 p.m. on October 31 after adjustments by the Ministry of Industry and Trade and the Ministry of Finance.
In this adjustment, the price of RON 95 gasoline decreased to 20,500 VND/liter, a decrease of 320 VND/liter compared to the previous adjustment. E5 RON 92 gasoline also decreased, to 19,400 VND/liter, a decrease of 290 VND/liter.
On the contrary, the prices of all types of oil increased. Specifically, the price of diesel oil increased by 90 VND, reaching 18,140 VND/liter; kerosene increased by 260 VND, to 18,830 VND/liter; and fuel oil increased by 240 VND, to 16,460 VND/kg.
In this adjustment, the management agency does not make any provisions or use the Petroleum Price Stabilization Fund for all products.