Gasoline price today August 31: Closing the week of price increases

On August 31, world oil prices fell at the end of the week due to concerns about cooling US demand and OPEC+ increasing production, but overall the week still recorded a slight increase.

World oil prices fell slightly

In the trading session at the end of the week of August 31, world oil prices decreased slightly due to concerns that demand in the US will weaken when the summer ends, while OPEC+ is expected to continue increasing production in September.

According to Oilprice, at 4:30 a.m. (Vietnam time), Brent crude oil fell 0.50 USD to 67.46 USD/barrel, equivalent to a decrease of 0.74%. WTI crude oil also fell 0.59 USD to 64.01 USD/barrel, a decrease of 0.91%.

Domestic gasoline prices are stable

In Vietnam, retail gasoline prices continue to be applied according to the August 28 adjustment period. Specifically, E5 RON92 gasoline increased by 307 VND, currently at 19,771 VND/liter; RON95-III gasoline increased by 271 VND, reaching 20,363 VND/liter.

Oil products also increased simultaneously: diesel oil 18,357 VND/liter (up 452 VND), kerosene 18,225 VND/liter (up 411 VND), fuel oil 15,260 VND/kg (up 144 VND). Notably, in this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or spend the Price Stabilization Fund, reflecting the orientation of maintaining market stability in the context of many international fluctuations.

Factors affecting oil prices

The downward pressure on prices comes from expectations of increased supply as OPEC+ ramps up production to regain market share. In addition, the peak driving season in the US is about to end around the Labor Day holiday in early September, causing demand for gasoline to cool.

However, a larger-than-expected drop in US crude inventories suggested that industrial and transportation demand remained steady. Oil prices had surged earlier in the week due to Ukrainian attacks on Russian energy facilities, but news of a possible ceasefire has cooled the market.

For the week, Brent crude was up 0.8% and WTI crude was up 1%, showing a tendency to fluctuate strongly according to geopolitical and supply information.

Source: https://baodanang.vn/gia-xang-dau-hom-nay-31-8-khep-lai-tuan-tang-gia-3300847.html