Gasoline price today May 8: Double decrease in 1 week

On the morning of May 8, gasoline and oil prices fell simultaneously, Brent oil decreased by 1.03 USD, equivalent to 1.66%, to 61.12 USD/barrel; WTI oil decreased by 1.02 USD, equivalent to 1.73%, to 58.07 USD/barrel.

Oil prices slipped slightly as investors doubted that the upcoming trade talks between the US and China would yield a breakthrough, while hopes for a nuclear deal between Iran and the US have also cooled, raising concerns about supply, analysts said.

Representatives from the United States and China are scheduled to meet in Switzerland in the coming days to begin negotiations on a trade war that is disrupting the global economy. Tariffs on goods between the two countries have soared to more than 100 percent, and the upcoming meeting could signal a thaw, but analysts say expectations for a breakthrough remain low. Unless the United States receives major trade concessions, the likelihood of a de-escalation appears slim.

Gasoline prices may continue to decrease this afternoon (May 8)

In another development, senior analyst Phil Flynn of Price Futures Group told Reuters that it is possible that the US will lift sanctions on Iranian oil, observing recent negotiations.

In the US, on May 7, the US Federal Reserve (Fed) kept interest rates unchanged, but said the risks of rising inflation and unemployment made the economic outlook even more gloomy. Concerns about falling oil demand in the US are also helping push oil prices down.

This afternoon, the retail price of domestic gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management period. The Vietnam Petroleum Institute (VPI) predicts that domestic gasoline and oil prices may decrease by 3.2 - 4.6% if the joint ministries do not set aside or use the Petroleum Price Stabilization Fund. Some gasoline and oil distributors in the South also predict a decrease of 300 - 500 VND/liter.

If forecasts are correct, domestic fuel prices will decrease for two consecutive sessions this week. Currently, domestic gasoline prices are at their lowest level in the past 4 years. In the most recent adjustment period on May 5, gasoline products decreased by 50 - 330 VND/liter/kg./.

According to Thanh Nien Newspaper

Source: https://baolongan.vn/gia-xang-dau-hom-nay-08-5-lap-cu-dup-giam-trong-1-tuan-a194856.html