Gasoline price today August 16, 2023: Weakened, lost more than 1 USD overnight

On August 16, gasoline prices continued to decline, with Brent crude futures falling by $1.32, or 1.5%, to $84.89 per barrel; while US WTI crude fell by $1.52, or 1.8%, to $80.99 per barrel.

Weighing on the market at the moment is data on industrial output and retail sales from China, which showed the country's economy slowed in July. Industrial output in the country rose just 3.7% year-on-year, slowing from June's 4.4% pace, according to the National Bureau of Statistics; below expectations of a 4.4% increase in a Reuters poll of analysts. Similarly, retail sales - a measure of consumption - rose just 2.5%, down from June's 3.1% gain and missing the 4.5% growth forecast. This is the slowest growth in the country since late 2022.

World oil prices show signs of weakening

China is now the world’s largest oil importer, and the data dashed investors’ dreams of $90 a barrel. The People’s Bank of China had earlier cut interest rates for the second time in three months, but analysts said the cut was too small to make a meaningful difference.

In a more positive development, China's oil refining output rose 17.4% in July from a year earlier.

Domestically, on August 16, information from traders distributing, discounting retail gasoline and oil, and taking goods at warehouses in the northern region continued to increase with gasoline at VND1,050/liter, oil jumped to VND2,000/liter. In the south, the discount at Nha Be warehouse for oil increased to VND2,200/liter. However, the price of finished gasoline and oil products referenced to the Singapore market by the end of August 15 still increased compared to the price at the time of the recent management (August 11). Accordingly, the price of imported gasoline is estimated to be VND800/liter higher than the domestic selling price, the price of imported oil also increased slightly, but the difference is lower.

On August 16, the retail prices of petroleum products in the domestic market were as follows: RON95-III gasoline 23,993 VND/liter, E5 RON92 gasoline 22,822 VND/liter, diesel 22,425 VND/liter, kerosene 21,889 VND/liter, and fuel oil 17,668 VND/kg./.

According to Thanh Nien

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