Gasoline price today July 12: Turning up

Today's gasoline and oil prices, July 12, world gasoline and oil prices turned up after a slight decrease at the beginning of the week.

Gasoline prices today, July 12, world gasoline prices turned up after a slight decrease at the beginning of the week. (Source: Reuters)

According to data from Oilprice , at 9:17 a.m. on July 11 (Vietnam time), Brent oil price was trading at 77.91 USD/barrel, up 0.22 USD, equivalent to 0.28% compared to the previous session. WTI oil price was at 73.28 USD/barrel, up 0.29 USD, equivalent to 0.4% compared to the previous session.

At 9:04 p.m. on July 11 (Vietnam time), Brent oil price reached 78.4 USD/barrel, up 0.71 USD, equivalent to 0.91% compared to the previous session. WTI oil price was at 73.81 USD/barrel, up 0.82 USD, equivalent to 1.12% compared to the previous session.

Analysts say oil prices are rising due to tight supply and hopes for higher demand in the coming time.

Oil prices have been supported by supply cuts by the world’s top oil producers. Supply cuts by Saudi Arabia and Russia, which are expected to extend into August, have helped lift prices.

In addition, hopes of higher demand in developing countries in the second half of 2023 also created momentum for oil prices to rise.

China 's economy is expected to grow after the Chinese government stepped up stimulus measures following weak manufacturing and consumption data, especially its decision to boost support for the real estate sector, analysts said, bolstering hopes of increased demand for the country's oil.

The International Energy Agency (IEA) said that oil demand from China, developing countries and the trend of supply cuts will likely cause oil prices to rise in the second half of the year.

Oil prices were also supported as the US dollar fell to a two-month low. A weaker US dollar makes oil cheaper for buyers holding other currencies and should boost consumer demand for oil.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of July 11 of the Ministry of Finance - Industry and Trade. Accordingly, gasoline and oil prices are adjusted as follows:

E5RON92 gasoline price is not higher than 20,419 VND/liter, down 51 VND/liter.

RON95-III gasoline price is no higher than VND21,497/liter, an increase of VND69/liter.

The price of 0.05S diesel is not higher than VND 18,616/liter, an increase of VND 447/liter.

Kerosene price is no higher than 18,320 VND/liter, an increase of 394 VND/liter compared to the current retail price.

The price of 180CST 3.5S fuel oil is not higher than 15,288 VND/kg, an increase of 665 VND/kg.

According to a report by the Ministry of Industry and Trade, domestic gasoline prices are 29-39% lower than the same period in the first half of 2022. Specifically, the price of RON 95 gasoline is currently at VND 21,420/liter, down 35%. Diesel is 39% lower, kerosene is 37% lower, and fuel oil is about 29% lower than the same period last year.

According to the forecast of the Ministry of Industry and Trade, domestic fuel prices may increase again in the third quarter when world fuel prices increase.

The Ministry of Industry and Trade also proposed two scenarios for gasoline prices. The scenario is that the average world price of finished gasoline products is at 90 USD/barrel.

The Ministry of Industry and Trade said that the selling price of a liter of E5 RON 92 gasoline will be at VND21,325, RON 95 at VND21,597 and diesel at VND18,115. In case the world price of finished products is at USD98/barrel, the price of diesel will be at VND19,415/liter; E5 RON 92 is VND22,657/liter.

Meanwhile, the price of RON 95 gasoline increased to VND 23,049, nearly VND 2,000/liter more expensive than the current price and equivalent to the price threshold of November 2022.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-127-quay-dau-di-len-234263.html