Domestic gasoline prices today July 11, 2024

In the domestic market, retail prices of petroleum products this afternoon (July 11) will be applied according to the new price level.

Leaders of some petroleum companies predict that domestic petroleum prices may be adjusted upward at this afternoon's adjustment session.

Oil and gas companies predict that if the regulatory agency does not affect the Oil and Gas Price Stabilization Fund, domestic gasoline prices are likely to increase by 130-270 VND/liter. Oil prices are expected to increase by 70-120 VND/liter, depending on the type.

In case the Ministry of Finance and Industry and Trade spend the Stabilization Fund, the gasoline price is likely to increase less.

In the most recent gasoline price adjustment period (July 4), gasoline prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance to increase all items.

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Gasoline prices may be adjusted up. Photo: Nguyen Hue

Accordingly, the price of E5 gasoline increased by 450 VND/liter, the selling price is 22,460 VND/liter. The price of RON 95 gasoline increased by 540 VND/liter, the selling price is 23,550 VND/liter.

Similarly, diesel price was also adjusted up by 490 VND/liter, selling price at 21,170 VND/liter. Kerosene price increased by 600 VND/liter, selling price up to 21,210 VND/liter.

World oil prices today 7/11/2024

In the world market, gasoline prices today, July 11, continued to decline following the downward trend of the previous 4 sessions.

Both benchmarks fell about 3% in the first three trading sessions of this week. World oil prices also fell slightly in the last trading session of last week.

In the trading session of July 10, oil prices continued to decline. According to data from Oilprice, at 8:46 p.m. on July 10 (Vietnam time), Brent oil price was listed at 84.48 USD/barrel, down 0.21% compared to the previous session. Meanwhile, WTI oil price was at 81.31 USD/barrel, down 0.12% compared to the previous session.

Oil prices continued to fall as the impact of Hurricane Beryl eased and data showed weak consumer demand in China.

Hurricane Beryl has weakened. Major US refineries appear to have suffered minimal impact from the storm, although refining activity has slowed.

Oil and gas companies in the state of Texas (USA) resumed some operations on July 9. Some ports have reopened and most oil producers are increasing production.

Meanwhile, concerns about weak demand in China (the world's top crude oil importer) also put pressure on oil prices.

China's consumer price index (CPI) rose 0.2 percent in June from a year earlier, down from a 0.3 percent increase in May and the lowest in three months, the National Bureau of Statistics said.

However, comments from Federal Reserve Chairman Jerome Powell at a congressional hearing on July 9 about the possibility of interest rate cuts have helped to curb oil prices. Lower interest rates will spur more economic growth and thereby boost oil demand.

Today's oil prices on July 10, 2024 turned up . Today's oil prices on July 10, 2024 on the international market turned up after falling to the lowest level in a week. Oil prices regained momentum thanks to the continued decline in US oil inventories.