Oil prices recorded a sharp decline last week. WTI crude oil fell from $83.66/barrel last week to $77.99/barrel this weekend. Overall, WTI crude oil fell $5.67/barrel last week, a 6.7% decrease compared to last week.
Similarly, Brent crude oil fell from $89.38/barrel last week to $82.80/barrel this weekend. For the week, Brent crude oil fell $6.58/barrel, a 7.3% decrease compared to the previous week.
Gasoline prices are expected to drop sharply tomorrow (May 9).
Oil prices are under pressure from weaker global demand and fading hopes of a U.S. interest rate cut. Investors are concerned that the prospect of higher interest rates for longer will limit growth in the U.S., the world’s top oil consumer. That could reduce oil demand.
In the domestic market, the retail price of gasoline today (May 8) is no more than VND23,919/liter for E5 RON 92 gasoline; no more than VND24,915/liter for RON 95-III gasoline; no more than VND20,716/liter for diesel; no more than VND20,686/liter for kerosene; no more than VND17,408/kg for fuel oil.
The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade according to the new price tomorrow (May 9). According to some gasoline and oil wholesalers, because the world gasoline and oil prices decreased sharply last week, it is likely that domestic gasoline and oil prices will also decrease sharply.
Specifically, the price of RON 95 gasoline is forecast to decrease by up to VND1,400/liter; E5 RON 92 gasoline is forecast to decrease by VND1,200/liter, and DO oil is forecast to decrease by VND9,000/liter. The above forecast prices do not take into account the authorities' allocation or use of the Petroleum Price Stabilization Fund.
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