Gasoline prices today (April 1): Mixed prices at the beginning of the session - Lang Son Newspaper and Radio and Television Station

World oil prices were mixed at the beginning of the session after hitting a five-week high. Domestic oil prices are likely to continue to rise.

World oil prices

According to Oilprice, at 5:30 a.m. on April 1 (Vietnam time), WTI oil price suddenly decreased slightly by 10 cents, Brent oil "anchored" at 74.74 USD/barrel.

Earlier, at the end of the first trading session of the week (March 31), both benchmark oil products "pocketed" about 2%, reaching a 5-week high, due to concerns that supply could decrease if US President Donald Trump imposes more tariffs on Russia and attacks Iran.

Oil prices hit a five-week high in the final trading session of March. Illustration photo: Reuters

Brent crude rose $1.11, or 1.5%, to $74.74 a barrel, its highest since Feb. 24. WTI crude rose $2.12, or 3.1%, to $71.48 a barrel, its highest since Feb. 20. The spread between Brent and WTI has narrowed to $3.02 a barrel, its lowest since July 2024.

Analysts say that as the price differential between Brent and WTI falls below $4 a barrel, it no longer makes much economic sense for energy companies to ship across the ocean to pick up U.S. crude, which will lead to a decline in U.S. exports.

According to Reuters, over the weekend, Mr. Trump said he would impose secondary tariffs of 25% to 50% on buyers of Russian oil, if he felt Moscow was obstructing his efforts to end the conflict in Ukraine. The head of the White House also threatened to bomb and impose additional tariffs if Tehran did not reach an agreement with Washington on its nuclear program.

Trump's threat of secondary tariffs on Russian and Iranian oil is a factor that oil market participants are watching, although Trump has no immediate plans to impose them, it could raise concerns about future supply, according to UBS analyst Giovanni Staunovo.

On Russia's side, on March 31, the Kremlin said that Russia and the United States are discussing ideas for a possible peaceful solution for Ukraine.

On the same day, Iran's supreme leader Ayatollah Ali Khamenei said the US would face a heavy blow if it acted on Mr. Trump's threat.

Some analysts believe Mr Trump may not act on his threat, a view that is keeping a lid on oil prices.

IG analyst Tony Sycamore said the market felt Mr Trump would not follow through on his threat. But if enacted, the tariffs would be another step towards a trade war, weighing on global growth and crude demand.

Oil demand is showing signs of increasing, amid shrinking supply. Illustration photo: Leadership News

On the supply side, talks to restart Kurdish oil exports via the Iraq-Türkiye pipeline have hit a snag, with payments and contracts still unclear. In addition, the US government has announced that Spanish oil company Repsol’s license to export oil from Venezuela will be revoked. Repsol said it is in talks with the US government on how the company can continue operating in Venezuela.

Another notable point is that US crude oil production in January decreased by 305,000 barrels/day, down to 13.15 million barrels/day - the lowest level since February 2024.

On the demand side, a recent survey showed manufacturing activity in China grew at its fastest pace in a year in March, with new orders rising, providing the economy with some support as it grapples with an escalating trade war with the United States.

In Germany, Europe’s largest economy, inflation fell more than expected in March, reinforcing policymakers’ expectations for further interest rate cuts by the European Central Bank. Lower interest rates reduce borrowing costs for consumers, which could boost economic growth and oil demand.

Domestic retail prices of gasoline on April 1 are as follows:

E5 RON 92 gasoline is not more than 20,032 VND/liter.

RON 95-III gasoline is not more than 20,424 VND/liter.

Diesel oil not more than 18,217 VND/liter.

Kerosene not more than 18,524 VND/liter.

Fuel oil not exceeding 16,902 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of April 3. Due to the increase in world gasoline and oil prices last week, domestic gasoline and oil prices may continue to increase.

In the most recent price adjustment, the price of E5 RON 92 gasoline increased by 337 VND/liter, RON 95-III gasoline increased by 337 VND/liter, kerosene increased by 406 VND/liter, diesel increased by 324 VND/liter. Only fuel oil decreased by 53 VND/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-1-4-trai-chieu-dau-phien-5042752.html