Gasoline price today (August 30): Turning down

World oil prices

Oil prices fell on Friday as investors worried that U.S. gasoline demand would cool, while additional oil output from OPEC and its partners is expected to hit the market this fall.

According to Reuters, at the end of the trading session on August 29, Brent oil price decreased by 0.50 USD/barrel, equivalent to 0.73%, to 68.12 USD/barrel; WTI oil price decreased by 0.59 USD/barrel, equivalent to 0.91%, to 64.01 USD/barrel.

World oil prices fell in the trading session on August 29. Illustration photo: Oilprice

Analysts said the market is now focused on next week’s OPEC+ meeting. The group has stepped up production to regain market share, raising concerns about oversupply and dragging down oil prices.

“The overall picture is that supply is increasing, while demand is quite conservative,” said Andrew Lipow, president of Lipow Oil Associates.

In the US, the peak fuel consumption season of summer is expected to end, signaling a cooling of demand for gasoline in the country. In addition, the market is also concerned that the impact of new tariffs imposed by President Donald Trump on imported goods could weaken the economic outlook next year.

However, some experts believe that the supply and demand of gasoline in the US is still quite balanced. "The supply from OPEC is said to increase, but the reality is not yet clear in the US market. I think the supply will still be tight," commented Mr. Phil Flynn, an expert at Price Futures Group.

According to Reuters, US crude oil inventories in the week ending August 22 fell more than expected, reflecting stable late summer demand, especially in the industrial and transportation sectors.

Meanwhile, India continues to ignore US pressure to stop buying oil from Russia. Although Washington has just doubled import duties on Indian goods to 50%, traders say India’s imports from Russia will still increase in September.

Domestic gasoline prices

Domestic retail prices of gasoline on August 30 are as follows:

- E5RON92 gasoline: No higher than 19,771 VND/liter

- RON95-III gasoline: No higher than VND 20,363/liter

- Diesel 0.05S: Not higher than 18,357 VND/liter

- Kerosene: Not higher than 18,225 VND/liter

- Mazut oil 180CST 3.5S: Not higher than 15,260 VND/kg

In response to recent developments in world petroleum product prices, the above domestic petroleum retail prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance from the afternoon of August 28. Accordingly, petroleum prices increased simultaneously. E5RON92 gasoline price increased by 307 VND/liter, RON95-III gasoline increased by 271 VND/liter, diesel increased by 452 VND/liter, kerosene increased by 411 VND/liter, and fuel oil increased by 144 VND/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

According to the joint ministries, the world oil market in this management period is affected by the following main factors: the US increases taxes on imported goods from India; US crude oil reserves decrease more sharply than forecast; the conflict between Russia and Ukraine continues, both sides increase attacks on each other's energy facilities... The above factors have caused world oil prices to fluctuate up and down in recent days depending on each product.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-30-8-quay-dau-giam-5057507.html