Gasoline prices today April 21: Domestic prices may decrease along with the world

In the domestic market, the selling price of gasoline and oil from 3:00 p.m. today (April 21) will be applied according to the new price.

Leaders of some key petroleum trading enterprises said that in today's management period, domestic retail gasoline prices are likely to decrease slightly following the trend of world gasoline prices.

In case the management agency does not affect the Petroleum Price Stabilization Fund, the domestic retail gasoline price this afternoon may be adjusted down by 220-450 VND/liter. The oil price will decrease by 100-380 VND/liter.

If the above forecast is correct, domestic gasoline prices will reverse today after two consecutive increases.

Domestic gasoline prices are expected to decrease along with the world (Photo: Nguyen Hue )

In the world market, gasoline prices today continued to decline from the previous 3 sessions. Brent crude oil price fell to 81 USD/barrel. WTI oil price fell to 77 USD/barrel.

Yesterday (April 20), world oil prices fell sharply. Data from Oilprice showed that at 10:23 a.m. on April 20 (Vietnam time), Brent crude oil was trading at $82.32 per barrel, down $0.8, or 0.96%, from the previous session. Meanwhile, WTI oil was trading at $78.47 per barrel, down $0.69, or 0.87%, from the previous session.

At 7:36 p.m. on April 20 (Vietnam time), Brent crude oil price was at 81.91 USD/barrel, down 1.21 USD, equivalent to 1.46% compared to the previous session. WTI oil price was 77.96 USD/barrel, down 1.2 USD, equivalent to 1.52% compared to the previous session.

According to experts, oil prices fell sharply due to speculation that the US Federal Reserve (Fed) will continue to raise interest rates despite positive economic data from China and a sharp decline in US crude oil reserves.

Many believe that the Fed is likely to raise interest rates by 25 basis points in May to curb inflation. Investors are concerned that the US interest rate hike could slow economic growth and limit energy demand in the world's top oil consumer.

European Central Bank officials have also sounded a note of caution about inflation and said interest rates need to continue rising.

In addition, the decline in oil prices was also affected by the strengthening of the US dollar.

A stronger greenback could hurt global oil demand as oil traded in dollars becomes more expensive for holders of other currencies.

A Fed report released on April 19 showed that U.S. economic activity has been little changed in recent weeks, with job growth slowing and price increases slowing, adding to concerns that tighter monetary policy has weakened demand for oil.

However, the decline in oil prices was somewhat limited by optimistic economic data from China and a decrease in US oil reserves.

China's first-quarter GDP growth reached 4.5%, higher than the experts' forecast of 4%. This is also the country's highest GDP growth rate since the first quarter of 2022.

The figures are a positive sign for oil demand. China is currently the world's top crude oil importer. The International Energy Agency forecasts that China will account for the majority of oil demand this year.

Meanwhile, US oil inventories fell sharply. The US Energy Information Administration (EIA) said that US crude oil inventories fell by 4.6 million barrels last week. This figure was much higher than the American Petroleum Institute (API) estimate of a decrease of about 2.68 million barrels.

Source vietnamnet

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