Gasoline prices today (May 1): Recorded hat-trick of daily decreases - Lang Son Newspaper and Radio and Television Station

World oil prices

At the end of the trading session on April 30, oil prices recorded a hat-trick of daily declines and the largest monthly decline in nearly 3 and a half years.

Brent crude fell $1.13, or 1.76%, to $63.12 a barrel. WTI crude fell $2.21, or 3.66%, to $58.21 a barrel, its lowest close since March 2021.

In April, Brent crude oil prices fell 15% and WTI crude oil prices fell 18%. Illustration photo: Planet Energies

Brent crude fell 15% and WTI crude fell 18% in April, the biggest monthly percentage declines for the two benchmarks since November 2021.

Both Brent and WTI crude oil prices fell after Saudi Arabia, one of the world's largest oil producers, 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. Flynn wondered: Is Saudi Arabia trying to send a message that it will regain its market share?

Earlier in April, Saudi Arabia pushed for a larger-than-expected OPEC+ production increase in May.

It is likely that some OPEC+ members will propose to continue increasing production in June at the meeting on May 5 to discuss production plans.

The trade war directly reduces oil demand and hampers consumer travel. Combined with OPEC's cancellation of production cuts, the risk of oversupply is increasing, said Pavel Molchanov, investment strategist at Raymond James.

Concerns about a weakening global economy continue to put pressure on oil prices.

Data released on April 30 showed that the US economy contracted in the first quarter of 2025, weighed down by a huge amount of imported goods by businesses looking to avoid higher costs. GDP in the first quarter of 2025 fell 0.3%, the first decline since the first quarter of 2022.

Although inflation rose sharply in the first quarter of 2025, it cooled in March. The Personal Consumption Expenditures price index excluding the volatile food and energy components was unchanged in March after rising 0.5% in February. Economists said the reports will encourage the US Federal Reserve to keep interest rates unchanged next week.

Earlier, on April 29, data released showed that US consumer confidence fell to its lowest level in nearly five years in April due to growing concerns about tariffs.

Regarding US gasoline and oil inventories in the week ending April 25, the US Energy Information Administration said that crude oil inventories fell by 2.7 million barrels to 440.4 million barrels, contrary to analysts' expectations for an increase of 429,000 barrels and contrary to the American Petroleum Institute's report of an increase of 3.76 million barrels. While gasoline inventories fell by 4 million barrels, distillate inventories unexpectedly rose by 900,000 barrels.

Domestic gasoline prices

Domestic retail prices of gasoline on May 1 are specifically as follows:

E5 RON 92 gasoline is not more than 19,238 VND/liter.

RON 95-III gasoline is not more than 19,638 VND/liter.

Diesel oil not more than 17,524 VND/liter.

Kerosene not more than 17,715 VND/liter.

Fuel oil not exceeding 16,524 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 at the price adjustment session on May 5. Due to the continuous decrease in world gasoline and oil prices last week and in recent trading sessions, domestic gasoline and oil prices are likely to reverse and decrease.

Normally, domestic gasoline prices are adjusted every Thursday. However, this week, Thursday (May 1) is a holiday, so the price adjustment period will be delayed for a few days.

According to Clause 3, Article 38 of Decree 83/2014/ND-CP (amended and supplemented by Clause 11, Article 1 of Decree 80/2023/ND-CP) on the time for adjusting gasoline prices, in case the price adjustment time coincides with a holiday as prescribed, it will be implemented as follows: If Thursday coincides with the first day of the holiday, the time for adjusting gasoline prices will be implemented on the previous Wednesday. If Thursday coincides with the remaining holidays, the time for adjusting gasoline prices will be implemented on the first working day after the holiday. Therefore, domestic gasoline prices will be adjusted on May 5.

In the most recent price adjustment period, the price of E5 RON 92 gasoline increased by VND 740/liter, RON 95-III gasoline increased by VND 782/liter, diesel increased by VND 487/liter, kerosene increased by VND 531/liter and mazut increased by VND 564/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-1-5-ghi-nhan-hat-trick-giam-ngay-5045718.html