Gasoline price today (April 24): Domestic gasoline price turns to increase

World oil prices

By the end of the trading session on April 23, all of the gains in oil prices from the trading session on April 22 had “evaporated”. The news that OPEC+ would consider increasing oil production in June pushed oil prices down by about 2%. It was the report that US President Donald Trump could cut tariffs on imports from China that restrained oil prices from falling deeply during the session.

Oil prices fell about 2% in the trading session on April 23. Illustration photo: Oilprice

Brent crude fell $1.32, or 1.96%, to $66.12 a barrel. It had risen to $68.65 at one point during the session. WTI crude fell $1.40, or 2.2%, to $62.27 a barrel.

Oil prices gave up gains after reports that some OPEC+ members will propose the group accelerate oil production increases in June for a second straight month.

According to Reuters, oil prices hit a four-year low this April due to the impact of the US-China trade war and OPEC+’s surprise decision to increase production by 411,000 barrels per day in May, three times the group’s original plan. Recently, OPEC+ members have had “cracks” in complying with production quotas.

It would not be surprising if OPEC wanted to increase production, said Phil Flynn, an analyst at Price Futures Group. “This could raise concerns about the cohesion of the alliance. They may be tired of holding back on increasing production,” Flynn said.

The decline in oil prices was also affected by data from the US Energy Information Administration showing that US crude oil inventories unexpectedly increased by 244,000 barrels to 443.1 million barrels in the week ending April 18, contrary to analysts' forecasts for a decrease of 770,000 barrels. Meanwhile, gasoline and distillate inventories both fell sharply by 4.5 million barrels to 229.5 million barrels and 2.4 million barrels to 106.9 million barrels, respectively.

News of the tariffs helped curb some of the oil price losses. The Trump administration will consider lowering tariffs on Chinese imports pending negotiations with Beijing.

Oil prices fluctuate according to market headlines. Illustration photo: Oilprice

The Wall Street Journal quoted a White House official as saying that tariffs on China could be reduced to 50% to 65%, depending on successful negotiations with Beijing.

The White House boss also backed off his threat to fire Federal Reserve Chairman Jerome Powell after days of criticizing the Fed for not cutting interest rates. This news eased investors' concerns about economic instability.

Domestic gasoline prices

Domestic retail prices of gasoline on April 24 are as follows:

E5 RON 92 gasoline is not more than 18,498 VND/liter.

RON 95-III gasoline is not more than 18,856 VND/liter.

Diesel oil not more than 17,037 VND/liter.

Kerosene not more than 17,184 VND/liter.

Fuel oil not exceeding 15,960 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance - Ministry of Industry and Trade in the price management session this afternoon (April 24). Because the world oil price increased last week, it is likely that domestic oil prices will also increase. However, the increase in gasoline prices will be higher than oil prices because world oil prices in the first trading sessions of the week were dominated by red. Gasoline prices may increase by about 500-800 VND/liter; oil prices increase by about 100-400 VND/liter (kg). If as predicted, domestic gasoline and oil prices will have their first week of increase after 2 weeks of sharp decline.

In the most recent price adjustment, the price of E5 RON 92 gasoline decreased by 384 VND/liter, RON 95-III gasoline decreased by 351 VND/liter, diesel decreased by 206 VND/liter, kerosene decreased by 229 VND/liter. Only fuel oil increased by 58 VND/kg.

MAI HUONG

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Source: https://baodaknong.vn/gia-xang-dau-hom-nay-24-4-xang-dau-trong-nuoc-quay-dau-tang-250412.html