Gasoline price on November 28 increase or decrease?

(Dan Tri) - Gasoline prices at the adjustment period on November 28 are forecast to increase by about 300-550 VND/liter.

According to plan, the Ministry of Industry and Trade and the Ministry of Finance will adjust retail gasoline prices periodically tomorrow (November 28).

The leader of a major petroleum distribution company in the South said that after the previous adjustment period, crude oil prices increased sharply by about 6% but recently turned to decrease.

On November 25, the price of imported gasoline in the Singapore market was at 86.12 USD/barrel for RON 95 gasoline, an increase of more than 2 USD/barrel compared to 8 days ago; RON 92 gasoline was at 81.55 USD/barrel, an increase of more than 3 USD/barrel. Therefore, it is likely that domestic gasoline prices will increase.

Specifically, gasoline prices are expected to increase by about 350-550 VND/liter, while diesel prices may increase by about 300-350 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance jointly spend the Price Stabilization Fund, gasoline prices may increase less.

Similarly, the owner of a petroleum distribution company in the North also predicted that petroleum prices will increase again in tomorrow's operating period. The petroleum discount on November 27 at many warehouses has returned to around 900-1,650 VND/liter.

If forecasts are correct, domestic gasoline prices will rebound after two consecutive declines. Currently, this fuel price is still at its lowest level in more than 3 years, equivalent to May 2021. Since the beginning of the year, gasoline has increased 21 times and decreased 25 times. Diesel has increased 20 times and decreased 25 times.

The room for the petroleum price stabilization fund of some key enterprises still recorded a large positive level due to many operating periods without using the fund. The fund balance as of the end of the second quarter was VND 6,061 billion, down VND 18 billion compared to the previous quarter and the fifth consecutive quarter of decline. Compared to the end of 2023, the fund balance decreased by nearly VND 600 billion.

In the most recent adjustment on November 21, the management agency decided to reduce the price of E5 RON 92 gasoline by 110 VND/liter to 19,340 VND/liter; RON 95 gasoline by 80 VND/liter to 20,520 VND/liter. Similarly, diesel oil decreased by 70 VND/liter to 18,500 VND/liter; kerosene decreased by 60 VND/liter to 18,920 VND/liter. Meanwhile, fuel oil increased by 10 VND/kg to 16,010 VND/kg.

In the global market, the market's bottom-fishing buying power, rising geopolitical tensions, and concerns about short-term oil supply shortages in some major oil-producing regions have caused oil prices to rebound since last week. However, recently, the price of this commodity has suddenly plummeted after Israel and Hezbollah forces in Lebanon agreed to a ceasefire.

According to Trading Economics data, at 10:00 a.m. on November 27, WTI oil price was trading at 68.69 USD/barrel, down 3.58% compared to last week; similarly, Brent oil was also at 72.75 USD/barrel, down 3.22%.

Source: https://dantri.com.vn/kinh-doanh/gia-xang-ngay-2811-tang-hay-giam-20241127102453230.htm