Gasoline price today April 14, 2025: Lowest level since COVID-19

World oil prices opened the week of April 14, 2025 at a stable level but are still anchored at the lowest level since the outbreak of the COVID-19 pandemic. In this context, many oil-dependent countries have begun to prepare response policies to deal with the risk of reduced budget revenues.

As of 7:15 a.m. Vietnam time, Brent crude oil remained unchanged at $64.75 per barrel, while WTI crude oil was almost unchanged at $61.47 per barrel. Earlier, at the end of last week's session, Brent crude oil increased by 2.26% and WTI increased by 2.38%, marking a slight recovery after a series of deep declines.

However, since US President Donald Trump imposed a series of new tariffs, Brent oil prices have fallen more than 15%. This situation was further aggravated when OPEC+ announced plans to increase production, pushing Brent prices to below $60/barrel at one point - the lowest level since February 2021.

The collapse in oil prices is putting many oil-producing countries in a difficult position. In the past, countries like Saudi Arabia have had to cut spending and eliminate energy subsidies, Libya has depleted its central bank reserves, and Iraq has had to seek international assistance.

Energy Aspects expert Richard Bronze warns that at current prices, many oil-producing countries cannot balance their budgets. This could lead to cuts in public spending, social and political instability.

Brazil is moving ahead with plans to auction more stakes in offshore oil fields to help plug a budget shortfall, while Kuwait has passed a law that will give the government access to international debt markets for the first time since 2017, underscoring the trend of borrowing being viewed by producers as a temporary solution.

Saudi Arabia, the world’s largest oil-producing economy, is also under pressure to cut spending after the collapse in oil prices, which has hit major projects like the Neom megacity. The International Monetary Fund (IMF) estimates that Riyadh needs oil prices above $90 a barrel to balance its budget.

While oil prices have temporarily calmed, long-term concerns are still weighing on countries that depend on fossil fuel revenues.

On the afternoon of April 10, the Ministry of Industry and Trade and the Ministry of Finance announced adjustments to domestic retail gasoline prices.

Accordingly, prices of key commodities have decreased significantly.

Specifically, the price of E5 RON 92 gasoline decreased by VND 1,491/liter, currently at VND 18,882/liter.

RON 95-III gasoline decreased sharply by 1,712 VND/liter, down to 19,207 VND/liter.

The price of 0.05S diesel was also adjusted down by VND1,235/liter, currently at VND17,243/liter.

Kerosene decreased by VND1,322/liter, down to VND17,413/liter.

Mazut oil 180CST 3.5S decreased by 1,124 VND/kg, to 15,902 VND/kg.

The new prices will be officially applied from 3:00 p.m. on April 10.

Source: https://baoquangnam.vn/gia-xang-dau-hom-nay-14-4-2025-muc-thap-nhat-ke-tu-covid-19-3152713.html