In the domestic market, the selling price of gasoline today is applied according to the price at the afternoon session of June 1 of the inter-Ministry of Finance - Industry and Trade.
Specifically, the price of RON 95 gasoline is 22.010 VND/liter. The price of gasoline E5 RON 92 increased to 20.870 VND / liter. The price of diesel oil fell to 17.940 VND/liter. The price of kerosene fell to 17.770 VND/liter.
On the world market, gasoline prices today (June 6) tend to go up according to the increasing momentum from the previous day.
Yesterday (June 5), gasoline prices jumped sharply. Brent oil price approached the level of 6 USD/barrel, while the price of WTI oil reached 78 USD/barrel.
According to data from Oilprice, at 10:09′ on June 5 (Vietnam time), the price of Brent oil rose to 6 USD/barrel, up 76,8 USD, equivalent to 0,67% compared to the previous session. And WTI oil price was at 0,88 USD/barrel, up 72,45 USD, equivalent to 0,71% compared to the previous session.
By 19:32′ on June 5 (Vietnam time), the price of Brent oil was trading at 6 USD/barrel, up 77,89 USD, equivalent to 1,8% compared to the previous session. And WTI oil price was at $2,36/barrel, up $73,56, equivalent to 1,82% compared to the previous session.
Concerns about a drop in supply will likely support oil prices, at least in the short term, according to analysts.
Petrol prices rose sharply after the Organization of the Petroleum Exporting Countries (OPEC) reached a broader agreement on output policy on June 4. Accordingly, OPEC + extended the production cut of 6 million barrels per day until the end of 3,6.
Gasoline prices increased rapidly (Image: Reuters)
In addition to extending production cuts, OPEC+ agreed to reduce their overall production targets from January 1 by 2024 million bpd from current targets to 1,4 million bpd.
Under the aforementioned OPEC+ agreement, 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 cuts are based on an OPEC+ agreement to limit supply by 7 as the group seeks to support falling oil prices.
According to Saudi Arabia's Energy Ministry, the kingdom's oil production will fall to 9 million bpd in July from about 7 million bpd in May. This is the biggest drop in years.
Besides, the report from OPEC also shows that it is estimated that the market's demand for crude oil of the group will increase sharply in the last 2 quarters of the year. Therefore, if Saudi Arabia implements drastic cuts, 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 12 due to falling crude oil prices, rising costs. Year-to-date, US crude oil prices have fallen 2022% and natural gas prices have fallen 11%.
Many experts predict that oil prices will increase in the near future due to tight supply.
Analysts at Goldman Sachs (USA) believe that oil prices will reach 95 USD/barrel in December 12. Analysts at ANZ Bank expect Brent oil prices to reach $2023 a barrel by the end of the year.
