Gasoline price today 05/07/2025: Turning around and increasing by 4%

Oil prices today 07/05/2025: Oil prices rose about 4% on signs of higher demand in Europe and China, rising tensions in the Middle East and as buyers emerged a day after prices fell to a four-year low on OPEC+'s decision to increase output.

Gasoline price today 05/07/2025

Recorded on Oilprice at 4:30 a.m. on May 7, 2025 (Vietnam time), Brent oil price was at 62.05 USD/barrel, up 3.01% (equivalent to an increase of 1.81 USD/barrel).

Brent oil price on the world market early morning of May 7, 2025 (Vietnam time)

Similarly, WTI oil price was at 59.0 USD/barrel, up 3.24% (equivalent to an increase of 1.85 USD/barrel).

WTI oil price on the world market early morning of May 7, 2025 (Vietnam time)

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, decided over the weekend to accelerate oil production increases for a second consecutive month.

“After assessing the latest move by OPEC+ to accelerate the easing of supply cuts, market players are now focused on trade developments and the possibility of... reaching trade agreements,” said Tamas Varga, an analyst at PVM, a brokerage and consultancy firm owned by TP ICAP.

Varga also pointed to rising geopolitical risk premiums in the Middle East as Israel attacked Iranian-backed Houthi targets in Yemen in retaliation for an attack on Ben Gurion airport. Oil prices also received support after Chinese consumers increased spending during the Labor Day holiday and as market traders returned from a five-day holiday.

“China also reopened today, and as the largest (oil) importer, buyers were probably quick to secure oil supplies at current low prices,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

In the U.S., the dollar (.DXY) fell to a one-week low against a basket of currencies as investors lost patience over trade deals. A weaker dollar makes dollar-priced oil cheaper for buyers using other currencies.

In Europe, LSEG I/B/E/S data showed companies are expected to report first-quarter profit growth of 0.4%, an improvement from the 1.7% decline analysts had expected a week ago.

The European Union's trade official said the 27-nation bloc is under no pressure to accept an unfair tariff deal with the United States.

Meanwhile, the European Commission proposed adding individuals and more than 100 vessels linked to Russia's submarine fleet to its 17th package of sanctions against Moscow in response to Russia's 2022 invasion of Ukraine.

Mr Trump said late Monday that he would announce pharmaceutical tariffs within the next two weeks, his latest move on taxes that have caused volatility in global financial markets in recent months.

The US trade deficit widened to a record high in March as businesses ramped up imports ahead of tariffs, pushing gross domestic product (GDP) into negative territory for the first time in three years.

“We expect the US economy to avoid a full-blown recession this year as trade deals are agreed and tariffs are eased, but GDP growth is likely to slow significantly from 2.8% last year to around 1.5% this year,” Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, said in a note.

The U.S. Federal Reserve is widely expected to leave interest rates unchanged on Wednesday as tariffs add to the economic outlook. Rate cuts can boost economic growth and thus oil demand. But tariffs raise prices, and the Fed uses higher interest rates to fight inflation.

Domestic gasoline prices today, May 7, 2025

Domestic retail gasoline prices on May 7, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 5 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,154	-84
RON 95 gasoline	19,586	-52
Diesel	17,354	-165
Oil	17,564	-151
Fuel oil	16,198	-326

Specifically, the price of E5 RON 92 gasoline decreased by 84 VND/liter, down to 19,154 VND/liter; RON 95 gasoline decreased by 52 VND/liter, down to 19,586 VND/liter.

The price of 0.05S diesel decreased by VND165/liter, down to VND17,354/liter; kerosene decreased by VND151/liter, down to VND17,564/liter; the price of 180CST 3.5S mazut decreased by VND326/kg, down to VND16,198/kg.

Gasoline prices today May 7, 2025. Photo by Dinh Tuan

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2025 to now, domestic gasoline prices have undergone 18 adjustment sessions, including 8 decrease sessions, 7 increase sessions and 3 opposite sessions.

Ngoc Hung

Source: https://congthuong.vn/gia-xang-dau-hom-nay-07052025-quay-dau-bat-tang-4-386373.html