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| Gasoline prices today, November 13, domestic gasoline prices are likely to decrease or remain unchanged in the management session this afternoon. (Source: Vietnamnet) |
Data from Oilprice shows that at 9:00 a.m. on November 13 (Vietnam time), Brent crude oil was trading at $80.86 per barrel, down $0.57, or 0.7%, from the previous session. WTI crude oil was at $76.58 per barrel, down $0.59, or 0.76%.
International oil prices last week recorded the third consecutive week of decline. World oil prices fluctuated erratically last week, constantly reversing in each trading session.
The strong fluctuations in oil prices last week were influenced by supply factors and the rise and fall of the USD.
In the 5 trading sessions of the past week, oil prices increased 3 sessions and decreased 2 sessions.
In the first trading session of the week, oil prices increased slightly after the world's two leading oil exporters, Saudi Arabia and Russia, reaffirmed their commitment to voluntarily cut oil supply by a total of 1.3 million barrels per day until the end of this year.
In the second trading session of the week, world oil prices fell by more than 4%, to the lowest level since late July. Oil prices in this session were affected by weak economic data from China, the strengthening of the US dollar and increased oil exports from the Organization of the Petroleum Exporting Countries (OPEC).
The decline continued into the third trading session of the week, when oil prices fell more than 2% to their lowest level in more than three months. Brent crude oil prices were pushed below $80 a barrel. Concerns about weakening demand in the US and China sent oil prices tumbling.
However, by the fourth trading session of the week, world oil prices had reversed and increased slightly due to concerns about weakening demand.
Oil prices continued to rise in the final trading session of the week, rising about 2%. Oil prices rose as Iraq voiced support for OPEC+ oil cuts ahead of the group's meeting on November 26.
Despite three increases last week, oil prices still saw a weekly decline because the modest increase could not help oil prices recover all the large losses in the first two trading sessions of the week.
Closing last week, Brent oil price was traded at 81.43 USD/barrel. Meanwhile, WTI oil price ended last week at 77.17 USD/barrel.
Thus, world oil prices have experienced three consecutive weeks of decline. Overall, Brent crude fell 4.9% last week, while WTI crude fell 5.1%. However, this decrease is still lower than the 6% decrease of the previous week.
In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of November 1 of the Ministry of Finance - Industry and Trade.
E5 RON 92 gasoline is not more than 22,614 VND/liter. RON 95 gasoline is not more than 23,929 VND/liter. Diesel oil not more than 21,940 VND/liter. Kerosene not more than 22,305 VND/liter. Fuel oil not exceeding 16,240 VND/kg. |
In this management period, the joint ministries decided not to set aside and not to use the Price Stabilization Fund for all petroleum products.
Since the beginning of the year, gasoline prices have undergone 31 adjustments, including 19 increases, 9 decreases, and 3 unchanged.
In the world market, gasoline prices fell sharply last week. In the Singapore market, in this adjustment period, the average price of finished gasoline products decreased slightly compared to the previous period.
Therefore, leaders of some petroleum enterprises said that in today's management session, domestic petroleum prices may be adjusted down according to the trend of world petroleum prices.
According to forecasts, if the regulatory agency does not affect the Petroleum Price Stabilization Fund (BOG Fund), domestic gasoline prices may decrease by 160-400 VND/liter, depending on the type. Retail oil prices may decrease by 450-700 VND/liter.
In case the Ministry of Industry and Trade - Ministry of Finance deducts from the BOG Fund, gasoline prices can remain the same.
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