Gasoline prices today June 6: Sharp increase due to supply concerns

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of June 1 of the Ministry of Finance - Industry and Trade.

Specifically, the price of RON 95 gasoline is 22,010 VND/liter. The price of E5 RON 92 gasoline increased to 20,870 VND/liter. The price of diesel oil decreased to 17,940 VND/liter. The price of kerosene decreased to 17,770 VND/liter.

In the world market, gasoline prices today (June 6) tend to increase following the increase from the previous day.

Yesterday (June 5), oil prices increased sharply. Brent crude oil price approached 78 USD/barrel, while WTI crude oil price reached 73 USD/barrel.

According to data from Oilprice, at 10:09 a.m. on June 5 (Vietnam time), Brent oil price increased to 76.8 USD/barrel, up 0.67 USD, equivalent to 0.88% compared to the previous session. Meanwhile, WTI oil price was at 72.45 USD/barrel, up 0.71 USD, equivalent to 0.99% compared to the previous session.

At 7:32 p.m. on June 5 (Vietnam time), Brent crude oil was trading at $77.89 per barrel, up $1.8, or 2.36%, from the previous session. WTI crude oil was trading at $73.56 per barrel, up $1.82, or 2.54%, from the previous session.

Concerns about falling supplies are likely to support oil prices, at least in the short term, analysts say.

Oil prices rose sharply after the Organization of the Petroleum Exporting Countries (OPEC) reached a broader agreement on production policy on June 4. Accordingly, OPEC+ extended production cuts of 3.6 million barrels per day until the end of 2024.

Gasoline prices increase rapidly (Photo: Reuters)

In addition to extending the production cuts, OPEC+ agreed to reduce its collective production targets from January 2024 by 1.4 million barrels per day from the current targets to 40.46 million barrels per day.

Under the OPEC+ deal, Saudi Arabia - the world's top oil exporter - pledged to cut production by an additional 1 million barrels per day from July. Saudi Arabia's voluntary oil production cut is based on an OPEC+ deal to limit supply in 2024 as the group seeks to support falling oil prices.

Saudi Arabia's oil production will fall to 9 million barrels per day in July from around 10 million barrels per day in May, the biggest drop in years, the country's energy ministry said.

In addition, OPEC's report also shows that the market demand for the group's crude oil is estimated to increase sharply in the last two quarters of the year. Therefore, if Saudi Arabia implements a drastic cut, it will likely cause a slight shortage in the market and support oil prices.

Meanwhile, in the US, the number of active oil rigs fell by 15 to 555 last week.

US drilling activity has slowed since December 2022 due to falling crude prices and rising costs. Since the beginning of the year, US crude prices have fallen 11% and natural gas prices have fallen 51%.

Many experts predict that oil prices will increase in the coming time due to tight supply.

Analysts at Goldman Sachs Bank (USA) believe that oil prices will reach 95 USD/barrel by December 2023. Analysts at ANZ Bank expect Brent oil prices to reach 100 USD/barrel by the end of this year.

According to Vietnamnet

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