On the morning of May 5, at 7:45 a.m. (Vietnam time), gasoline and oil prices fell sharply by nearly 4%. Accordingly, US WTI crude oil plummeted by 2.24 USD to 56 USD/barrel; Brent crude oil, the global standard, also lost 2.2 USD to 59 USD/barrel.
Thus, in the past 5 days, world oil prices have decreased by about 8 - 9.5%.
The meeting of members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) over the weekend sent oil prices tumbling. In the context of the world economy being affected by the US-China trade war and high tariffs on US imports, at the meeting on May 3, OPEC+ agreed to accelerate oil production increases for the second consecutive month. Specifically, OPEC+ will increase production in June by 411,000 barrels/day despite falling prices and weaker demand forecasts.
Domestic gasoline prices may decrease slightly this afternoon (May 5)
In April, oil prices fell to a four-year low below $60 a barrel after OPEC+ announced a larger-than-expected production increase in May and as U.S. President Donald Trump’s tariffs raised concerns about a weakening global economy.
Reuters estimates that the increase in output in June by the eight OPEC+ members will bring the total increase in the three months since April to 960,000 barrels per day, corresponding to a 44% relaxation of the voluntary cut of 2.2 million barrels per day.
Meanwhile, according to importers' estimates, gasoline prices in the price adjustment session this afternoon (May 5) have decreased quite modestly. The decrease is forecasted to fluctuate between 50 - 350 VND/liter/kg.
Normally, domestic gasoline prices are adjusted every Thursday. However, because last Thursday fell on the May 1 holiday, the price adjustment was made on the first working day after the holiday, today, May 5. In the most recent price adjustment, domestic gasoline prices increased by about 530 - 780 VND/liter/kg./.
According to Thanh Nien Newspaper
Source: https://thanhnien.vn/gia-xang-dau-hom-nay-552025-giam-bao-nhieu-dong-mot-lit-185250505082812277.htm
Source: https://baolongan.vn/gia-xang-dau-hom-nay-05-5-giam-bao-nhieu-dong-mot-lit-a194658.html
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