Gasoline price today November 4: RON95-III increased to 20,488 VND/liter

Domestic retail gasoline prices on November 4 were adjusted up sharply, while world crude oil prices remained almost flat as the market considered OPEC+'s decision and concerns about demand.

Domestic gasoline prices increase sharply

According to data from the Ministry of Industry and Trade - Ministry of Finance, domestic retail prices of gasoline and oil applied from 3:00 p.m. on October 30 have been adjusted up significantly. As of the morning of November 4, the new prices are still maintained throughout the distribution system.

Specifically, the price of E5RON92 gasoline increased by 710 VND/liter, to a maximum of 19,760 VND/liter. The price of RON95-III gasoline increased by 762 VND/liter, with a new selling price of 20,488 VND/liter. Oil products also recorded a sharp increase.

Item	Increase (VND/liter or kg)	Maximum retail price (VND/liter or kg)
E5RON92 gasoline	+710	19,760
RON95-III gasoline	+762	20,488
Diesel oil 0.05S	+ 1,318	19,203
Oil	+ 1.156	19,271
Mazut oil 180CST 3.5S	+ 541	14,639

During this period, the management agency did not make any provision or expenditure from the Petroleum Price Stabilization Fund for any products. Since the beginning of the year, domestic gasoline prices have undergone 41 adjustments, including 19 increases, 17 decreases and 5 sessions of price stability or opposite adjustments.

World crude oil market fluctuates slightly

In contrast to the domestic market, world oil prices remained almost unchanged in the first trading session of the week. According to records, Brent oil prices increased slightly by 0.12 USD, equivalent to 0.2%, to 64.89 USD/barrel. US WTI oil prices also increased by only 0.07 USD, equivalent to 0.1%, reaching 61.05 USD/barrel.

Illustration photo/TL.

Factors affecting oil prices

The market is balancing conflicting factors. On the one hand, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to increase production by 137,000 barrels per day in December. However, the group also plans to suspend the quota increase in the first quarter of next year, a move that is expected to support prices.

The modest increase in production is not putting much pressure on oil prices, as it has been balanced by the plan to temporarily suspend quota increases, according to energy consultancy Ritterbusch and Associates.

On the other hand, concerns about oversupply and weak manufacturing data in Asia are keeping a lid on oil prices. Manufacturing activity in Asia, the world’s largest oil-consuming region, continued to struggle in October, according to a survey released on November 3.

TotalEnergies CEO Patrick Pouyanne said China’s oil demand has slowed since 2020 as the country shifts toward green energy, but he remains optimistic about the long-term outlook thanks to growing demand in India.

Impact of monetary policy and the US dollar

A stronger dollar has also put pressure on oil prices, making them more expensive for investors using other currencies. Federal Reserve officials have yet to agree on interest rate policy in the near future.

Chicago Fed President Austan Goolsbee said there was no need to rush to cut interest rates while inflation remained above the 2% target. Meanwhile, San Francisco Fed President Mary Daly said she would need to monitor more economic data before making a decision at the December meeting.

Source: https://baolamdong.vn/gia-xang-hom-nay-411-ron95-iii-tang-len-20488-donglit-399790.html