Gasoline and diesel prices today, November 5th: Continuing to climb.

World oil prices

At 6:00 AM on November 5th, Brent crude oil prices rose by $2.11, or 2.89%, to $75.21 per barrel. WTI crude oil prices increased by $1.98, or 2.85%, to $71.47 per barrel.

Oil prices rose following the decision by the Organization of Petroleum Exporting Countries and its allies (OPEC+) to postpone plans to increase production for one month.

OPEC+ announced it will extend its 2.2 million barrels per day production cuts into December, citing weak demand. Previously, OPEC+ had projected a monthly increase in production of 180,000 barrels per day starting in December.

Gasoline and diesel prices continue to climb today. (Photo: Minh Duc).

Walt Chancellor, energy strategist at Macquarie, said that extending OPEC+'s production cuts through the fourth quarter of 2024 raises doubts about the organization's commitment (or ability) to restore supply by 2025. According to Chancellor, OPEC+'s decision on November 3rd may alleviate some concerns about a new "price war" within the organization.

Domestic fuel prices

In the price adjustment on October 31st, the price of E5 RON92 gasoline decreased by 284 VND/liter, not exceeding 19,408 VND/liter; RON95 gasoline decreased by 391 VND/liter, not exceeding 20,503 VND/liter.

In contrast to gasoline prices, the prices of various types of oil have increased across the board. Specifically, diesel increased by 91 VND/liter, not exceeding 18,148 VND/liter; kerosene increased by 263 VND/liter, not exceeding 18,833 VND/liter; and fuel oil increased by 232 VND/kg, not exceeding 16,461 VND/kg.

During this period, the regulatory agency continued to neither allocate funds nor utilize the fuel price stabilization fund for these commodities.

Ngoc Vy

Source: https://vtcnews.vn/gia-xang-dau-hom-nay-5-11-tiep-tiep-leo-doc-ar905617.html