Gasoline price today May 1: Down to 58 USD/barrel

Oil prices continued to decline, losing nearly 2% in the last trading session of April. Domestically, prices will remain unchanged this week, with a slight increase forecast for early this week.

On the morning of May 1, oil prices continued to decrease, Brent oil decreased by 1.13 USD, equivalent to 1.76%, to 63.12 USD/barrel; WTI oil decreased by 2.21 USD, equivalent to 3.66%, to 58.21 USD/barrel. This is the lowest closing price in more than 4 years.

Thus, in April, Brent oil prices fell 15%, US WTI oil fell 18%. This is the highest monthly percentage decrease since the Covid outbreak in 2021.

According to Reuters, both oil benchmarks slid after Saudi Arabia - the world's largest oil producer - signaled that it did not want to support the oil market by cutting supply further and could tolerate low prices for a long time.

"This raises concerns about another production war," said Phil Flynn, senior analyst at Price Futures Group, to Reuters, questioning whether Saudi Arabia is trying to send a message that it will regain market share.

World oil prices plummet, losing 15 - 18% in April

Other analyses show that the trade war itself is directly reducing oil demand. In addition, the fact that major OPEC+ producers may increase production again next month puts the market at risk of oversupply. It is forecast that oil prices will inevitably fall sharply if exporting countries continue to increase production.

Domestically, this afternoon (May 1), gasoline prices will not be adjusted due to a holiday. The domestic price adjustment schedule will be moved to next Monday (May 5).

On the morning of May 1, the retail price of gasoline and oil announced by Petrolimex in markets in region 2 (far from ports, warehouses, refineries...) is as follows: RON 95-V gasoline 20,590 VND/liter; RON 95-III gasoline 20,020 VND/liter; E5 RON 92-II gasoline 19,610 VND/liter; diesel oil 18,410 VND/liter; kerosene 18,060 VND/liter; mazut oil 16,850 VND/kg (wholesale price)./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-152025-giam-ve-moc-58-usd-thung-185250501090706955.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-01-5-giam-ve-moc-58-usd-thung-a194459.html