Today's fuel prices (April 17): Will domestic fuel prices decrease slightly? - Lang Son Newspaper and Radio & Television Station

Today's fuel prices (April 17): World fuel prices are rising; domestic fuel prices may continue to fall.

World oil prices

At the close of trading on April 16, oil prices rose nearly 2% to their highest level in two weeks due to concerns about global supply after Washington imposed new sanctions on Chinese importers of Iranian oil and hopes that US-China trade tensions would ease.

Oil prices

Oil prices gained nearly 2% in trading on April 16. (Illustration: Oilprice)

Brent crude oil prices rose $1.18, or 1.8%, to $65.85 per barrel. WTI crude oil prices increased $1.14, or 1.9%, to $62.47 per barrel.

According to Reuters, the US has imposed new sanctions targeting Iran's oil exports, including a small refinery based in China. This move comes as the US government restarts negotiations with Iran on its nuclear program this month.

However, ahead of the next round of talks in Rome, Italy, on April 19, Iranian Foreign Minister Abbas Araqchi stressed that Iran's right to enrich uranium is non-negotiable.

In a move aimed at boosting oil prices, OPEC said it had received updated plans for oil production cuts from some member countries to offset production exceeding agreed quotas. Under the latest plan, monthly cuts will range from 196,000 barrels per day to 520,000 barrels per day from April 2025 to June 2026, up from the previous range of 189,000 barrels per day to 435,000 barrels per day.

Regarding US oil inventories, the US Energy Information Administration reported that crude oil inventories increased by 515,000 barrels to 442.9 million barrels in the week ending April 11. Conversely, gasoline and distillate product inventories decreased by 2 million barrels and 1.9 million barrels, respectively.

According to Oilprice, the rise in oil prices was supported by a weak US dollar, optimistic US oil inventory data, and especially renewed hopes for easing US-China trade tensions, particularly after a Bloomberg report suggested that China might be willing to negotiate on trade, depending on concrete actions from the administration of US President Donald Trump.

Several factors are supporting a recovery in oil prices. (Illustration: News 18)

UBS analyst Giovanni Staunovo said that a de-escalation of the US-China trade war would dampen economic growth prospects and limit the decline in oil demand.

Limiting the gains in the session was the statement by Federal Reserve Chairman Jerome Powell that the tariff increases announced so far are significantly larger than expected, and the same could be true for the economic impacts, including higher inflation and slower growth.

Alex Hodes, director of market strategy at financial services firm StoneX, said: "The global economy largely depends on whether the U.S. and China can reach an agreement and avoid starting a protracted trade war."

Domestic fuel prices

The retail prices of gasoline and diesel in Vietnam on April 17th are as follows:

E5 RON 92 gasoline should not exceed 18,882 VND/liter.

RON 95-III gasoline should not exceed 19,207 VND/liter.

Diesel fuel prices should not exceed 17,243 VND/liter.

Kerosene price should not exceed 17,413 VND/liter.

Fuel oil price should not exceed 15,902 VND/kg.

The aforementioned domestic retail prices for gasoline and diesel will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting this afternoon (April 17). Due to the decrease in world oil prices last week and slight fluctuations in the early trading sessions of this week, domestic gasoline and diesel prices may continue to fall. Gasoline prices may decrease by approximately 330-420 VND/liter; diesel prices will decrease less, by about 100-300 VND/liter (or kg).

In the most recent price adjustment, the price of E5 RON 92 gasoline decreased by 1,491 VND/liter, RON 95-III gasoline decreased by 1,712 VND/liter, diesel decreased by 1,235 VND/liter, kerosene decreased by 1,322 VND/liter, and fuel oil decreased by 1,124 VND/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-17-4-xang-dau-trong-nuoc-se-giam-nhe-5044271.html