Gasoline price today (April 5): Gradually falling back to the 60 USD/barrel mark - Lang Son Newspaper and Radio and Television

World oil prices continue to fall sharply. Domestic oil prices have made a hat-trick of increases.

World oil prices

At the end of the last trading session of the week (April 4), oil prices fell another 7%, strongly impacted by news that China increased tariffs on US goods, escalating the trade war, causing investors to predict a higher possibility of recession.

High US tariffs, China retaliation, and OPEC+ production increases are factors pushing oil prices down. Illustration photo: Reuters

Brent crude fell $4.56, or 6.5%, to $65.58 a barrel. WTI crude fell $4.96, or 7.4%, to $61.99 a barrel. During the session, Brent crude fell to $64.03 a barrel and WTI crude plunged to $60.45 a barrel, its lowest level in four years.

For the week, Brent crude oil prices “lost” 10.9%, the biggest weekly percentage drop in a year and a half, while WTI crude oil prices recorded a decrease of 10.6% - the deepest “slide” in two years.

China, the world's top oil importer, announced it would impose an additional 34% tariff on all US goods starting April 10. Many countries around the world have also prepared to retaliate after US President Donald Trump raised tariffs on imported goods to the highest level in more than a century, Reuters reported.

Following Mr Trump’s announcement, prices of commodities such as natural gas, soybeans and gold also fell sharply; global stock markets plunged.

Investment bank JPMorgan said the chance of a global recession by the end of the year is 60%, up 20% from its previous forecast.

Crude oil prices are likely to be close to fair value until there is an indication of how much demand has actually fallen, said Scott Shelton, an energy expert at United ICAP. He said WTI could trade in the $50 to $55 range for the time being, warning that demand will fall.

In a recent speech, US Federal Reserve Chairman Jerome Powell pointed out the upcoming difficult decisions of the US Central Bank, Mr. Trump's new tariffs are higher than expected and the economic consequences including higher inflation, slower growth.

For the week, Brent oil prices fell 10.9%, WTI oil prices fell 10.6%. Illustration photo: Oilprice

Also pushing oil prices lower were OPEC+’s decision to add 411,000 barrels per day to the market in May, instead of the planned 135,000 barrels per day, and a Russian court ruling that the Caspian Pipeline Consortium’s (CPC) Black Sea oil export facilities should not be suspended, a suspension that could reduce Kazakhstan’s oil production and supply.

HSBC has cut its forecast for global oil demand growth in 2025 from 1 million barrels per day to 0.9 million barrels per day due to the impact of tariffs and the OPEC+ decision.

Domestic retail prices of gasoline on April 5 are as follows:

E5 RON 92 gasoline is not more than 20,373 VND/liter.

RON 95-III gasoline is not more than VND 20,919/liter.

Diesel oil not more than 18,478 VND/liter.

Kerosene not more than 18,735 VND/liter.

Fuel oil not exceeding 17,026 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of April 3. Due to the increase in world gasoline and oil prices last week and the increase in the first trading sessions of the week, domestic gasoline and oil prices increased simultaneously, recording the third consecutive increase. The price of E5 RON 92 gasoline increased by 341 VND/liter, RON 95-III gasoline increased by 495 VND/liter, kerosene increased by 211 VND/liter, diesel increased by 261 VND/liter, and fuel oil increased by 124 VND/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-5-4-lui-dan-ve-moc-60-usd-thung-5043189.html