World oil prices
Specifically, in the early morning trading session of November 20, crude oil price boards on Trading Economics and OilPrice recorded a sharp simultaneous decline in global crude oil prices, averaging a 1–2% drop compared to the previous session.
Specifically, at 7 a.m. (Vietnam time), according to the crude oil price board on the Trading Economics platform, spot WTI oil was sold at 59.5 USD/barrel, down 1.2 USD/barrel, equivalent to a 2% decrease compared to yesterday.
Brent sweet crude traded at 63.7 USD/barrel, down 1.1 USD/barrel, equivalent to a 1.7% decrease from the previous day.
Due to strong fluctuations, the average oil price in November increased by 4.3% to 4.5% compared to the previous month; however, compared to the same period last year, global crude oil prices continued their downward trend by 12% to over 13%.
Trading Economics stated that Brent crude futures fell more than 2% to 63.4 USD/barrel on Wednesday after reports indicated that the United States is pushing for an end to the Russia–Ukraine war.
A Ukrainian official said Kyiv had received “signals” regarding U.S. proposals to end the Russia–Ukraine conflict, raising hopes for renewed diplomacy. Meanwhile, Russia stated that sanctions on Rosneft and Lukoil have not harmed the country’s output.
On the supply side, the Energy Information Administration reported that U.S. crude oil inventories fell more than expected by 3.4 million barrels to 424.2 million barrels for the week ending November 14, while gasoline and distillate stocks increased.
Crude inventories at the Cushing, Oklahoma delivery hub fell by 698,000 barrels. On Tuesday, API data indicated that U.S. crude oil stocks rose 4.4 million barrels, reaching a five-month high.
Meanwhile, geopolitical tensions are rising as Iran temporarily seized an oil tanker near the Strait of Hormuz and the United States is increasing military presence near Venezuela.
Domestic gasoline and oil prices
Retail gasoline and oil prices in Vietnam on November 19 were as follows:
E5RON92 gasoline: Not higher than 19,844 VND/liter
RON95-III gasoline: Not higher than 20,576 VND/liter
Diesel 0.05S: Not higher than 19,864 VND/liter
Kerosene: Not higher than 19,935 VND/liter
Mazut 180 CST 3.5S: Not higher than 14,074 VND/kg
The Ministry of Industry and Trade – Ministry of Finance announced the domestic retail fuel price adjustment effective from 3:00 p.m. on November 13. Accordingly, gasoline and oil prices increased or decreased depending on the product.
Specifically, E5RON92 gasoline increased by 162 VND/liter; RON95-III gasoline increased by 160 VND/liter; diesel increased by 541 VND/liter; kerosene increased by 540 VND/liter; and mazut decreased by 246 VND/kg.
Thus, from the beginning of the year until now, domestic fuel prices have undergone 47 adjustments, including:
RON95 gasoline: 26 increases, 21 decreases
Diesel: 24 increases, 22 decreases, and 1 unchanged
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