Gasoline price today (April 10): Domestic gasoline price drops sharply? - Lang Son Newspaper and Radio and Television

World oil prices continue to recover. Domestic oil prices are likely to fall sharply.

World oil prices

At the end of the trading session on April 9, oil prices unexpectedly recovered some of their "losses". US President Donald Trump's announcement of continuing to increase tariffs on China but suspending tariffs announced last week on most other countries for 90 days helped oil prices rebound more than 4% after plunging about 7% earlier in the session.

Oil prices rebounded after Mr Trump announced a 90-day delay in tariffs announced last week on most countries. Photo illustration: Economic Times

Mr. Trump increased tariffs on China to 125%, effective immediately. The previously announced 104% tariff on China went into effect early on April 9.

Brent crude rose $2.66, or 4.23 percent, to $65.48 a barrel. WTI crude rose $2.77, or 4.65 percent, to $62.35 a barrel.

Commenting on the recovery in oil prices, senior analyst Phil Flynn of Price Futures Group said that it was due to a turning point in the trade conflict when Mr. Trump gave countries that expressed their desire to negotiate to remove tariffs more time to resolve the issue.

According to this analyst, what Mr. Trump is doing is pushing China into economic isolation.

In response, China announced it would impose an 84% tariff on US goods from April 10.

The market expects a deal with China, said Bob Yawger, director of energy futures at Mizuho.

Although oil prices have recovered somewhat, analysts say the escalating trade war between China and the United States will continue to put pressure on oil prices.

The trade conflict is fueling fears of a global recession, said UBS analyst Giovanni Staunovo. While oil demand may not be affected yet, growing concerns about weaker demand in the coming months will require lower prices to trigger supply adjustments to prevent oversupply.

In addition to China, the European Union countries on April 9 agreed to impose a 25% tariff on a series of US imports. This is the first countermeasure of the union in response to the tariffs announced by the US against the bloc.

Concerns about a surplus following last week’s OPEC+ decision to increase production in May by 411,000 barrels per day also limited gains in oil prices during the session.

While US oil inventories increased, gasoline and distillate inventories decreased. Illustration photo: Oilprice

Regarding US petroleum inventories, the US Energy Information Administration said that crude oil inventories increased by 2.6 million barrels to 442.3 million barrels; gasoline inventories decreased by 1.6 million barrels; and distillate inventories decreased by 3.5 million barrels.

“US exports are low,” said John Kilduff, a partner at Again Capital in New York. “The market is watching to see if the US will lose access to the Chinese market and whether exports will decline in the future.”

On the supply side, the operator of the Keystone pipeline system in Canada and the US has announced a pipeline shutdown following an oil spill near Fort Ransom, North Dakota.

Domestic retail prices of gasoline on April 10 are as follows:

E5 RON 92 gasoline is not more than 20,373 VND/liter.

RON 95-III gasoline is not more than VND 20,919/liter.

Diesel oil not more than 18,478 VND/liter.

Kerosene not more than 18,735 VND/liter.

Fuel oil not exceeding 17,026 VND/kg.

The above domestic retail price of gasoline and oil will be adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session this afternoon (April 10). Due to the shocking drop in world gasoline and oil prices last week, it is likely that domestic gasoline and oil prices will also decrease sharply in the range of 1,200-1,800 VND/liter (kg).

In the most recent price adjustment, the price of E5 RON 92 gasoline increased by 341 VND/liter, RON 95-III gasoline increased by 495 VND/liter, kerosene increased by 211 VND/liter, diesel increased by 261 VND/liter, and fuel oil increased by 124 VND/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-10-4-gia-xang-dau-trong-nuoc-giam-manh-5043633.html