Gasoline price today July 29: Crude oil bounces back sharply

Today's gasoline and oil prices, July 29, recorded a sharp increase in world crude oil prices after tough moves from the US against Russia, while domestic retail prices adjusted in opposite directions.

World oil prices increased by more than 2%

In the first trading session of the week on July 29, Brent oil price increased by 2.3% to 70.04 USD/barrel, while WTI oil increased by 2.4% to 66.71 USD/barrel. This is the highest level in the past 10 days, recorded after US President Donald Trump shortened the deadline for asking Russia to end the conflict in Ukraine from 50 days to only 10-12 days.

Brent oil price on the world market early morning July 29, 2025 (Vietnam time)

WTI oil price on the world market in the early morning of July 29, 2025 (Vietnam time)

Global financial markets were positively supported by the US-EU trade agreement, under which the EU committed to buying $750 billion in energy from the US, in return for the US imposing a 15% tax on most goods imported from the EU.

US-China trade talks are also resuming in Stockholm, easing concerns about a protracted trade war. However, oil prices remain under pressure from a strong US dollar and falling import demand in India.

Domestic gasoline prices fluctuate in opposite directions

At the price adjustment session on July 24, the Ministry of Industry and Trade - Ministry of Finance adjusted the retail price of gasoline as follows: E5 RON92 gasoline decreased by 202 VND/liter to 19,279 VND; RON95-III gasoline decreased by 216 VND, to 19,709 VND/liter.

Meanwhile, diesel price increased by 330 VND to 19,129 VND/liter, kerosene increased by 199 VND to 18,628 VND/liter. Fuel oil alone decreased by 99 VND to 15,379 VND/kg.

Fuel type	Adjustment level	New retail price
E5 RON92 gasoline	Reduced by 202 VND/liter	19,279 VND/liter
Gasoline RON95-III	Reduced by 216 VND/liter	19,709 VND/liter
Diesel 0.05S	Increase 330 VND/liter	19,129 VND/liter
Oil	Increase 199 VND/liter	18,628 VND/liter
Mazut oil 180CST 3.5S	Discount 99 VND/kg	15,379 VND/kg

Notably, in this operating period, the management agency did not set aside or spend the Price Stabilization Fund for any petroleum products.

OPEC+ maintains production, world oil prices fluctuate due to geopolitical tensions

Global oil prices are reacting strongly to geopolitical developments and signals from supply. In the context that OPEC+ is likely to maintain its production policy at the upcoming meeting, analysts predict that the group will complete the restoration of the entire 2.2 million barrels/day of voluntary production cuts by the end of September, according to ING bank.

At the same time, factors such as new EU sanctions on Russian oil, the ongoing conflict in Ukraine and major trade deals from the West are causing the global oil market to fluctuate constantly. Experts warn that if tensions escalate, supply could be further tightened, thereby pushing oil prices to continue to rise in the coming time.

Source: https://baodanang.vn/gia-xang-dau-hom-nay-29-7-dau-tho-bat-tang-manh-3298173.html