Gasoline price today (August 6): Sharp decrease

World oil prices continued to fall to their lowest level in the past 5 weeks. Domestically, gasoline prices have been adjusted up.

World oil prices

World oil prices continued to fall in Tuesday's trading session as OPEC+'s increased production and concerns about weakening global oil demand put pressure on oil prices.

According to Reuters, at the end of the trading session on August 5, Brent oil price decreased by 1.12 USD/barrel, equivalent to 1.63%, to 67.64 USD/barrel; WTI oil price decreased by 1.13 USD/barrel, equivalent to 1.7%, to 65.16 USD/barrel. Both types of oil fell to their lowest price in the past 5 weeks.

At a meeting on Sunday, OPEC+ agreed to increase oil production by 547,000 barrels per day in September compared to the required output level in August, continuing a series of incremental production adjustments to regain market share amid concerns about the risk of supply disruptions related to Russia.

“The significant increase in supply from OPEC is putting pressure on the market,” said Andrew Lipow, president of Lipow Oil Associates.

Gasoline prices continued to fall in the trading session on August 5. Illustration photo: Fox Business

In addition, US service sector activity unexpectedly slowed in July, with orders flat and the labor market no longer as vibrant as before, while input costs increased the most in nearly three years. This situation shows that businesses are being affected by the tax policies of President Donald Trump's administration.

The market is watching for news that India and China will cut back on crude purchases from Russia to find alternative sources, said Andrew Lipow.

According to Reuters, US President Donald Trump continued to threaten higher tariffs on Indian goods because the country continues to buy oil from Russia. Mr. Trump also said that falling energy prices could pressure Russian President Vladimir Putin to end the conflict in Ukraine. In response, New Delhi said the threat was "absurd" and pledged to protect India's economic interests.

Illustration photo: Reuters

However, PVM brokerage analyst John Evans said the oil market's reaction showed investors did not believe there would be a disruption in supply and questioned whether President Donald Trump would accept the risk of higher oil prices.

“The oil market is quite stable. This trend may continue until there is more clarity from the US President regarding Russia and the reaction of countries that buy oil from Russia,” said Giovanni Staunovo, an analyst at UBS.

Domestic gasoline prices

Domestic retail prices of gasoline on August 6, specifically as follows:

- E5RON92 gasoline: No higher than 19,401 VND/liter

- RON95-III gasoline: No higher than 19,840 VND/liter

- Diesel 0.05S: Not higher than 19,068 VND/liter

- Kerosene: Not higher than 18,714 VND/liter

- Mazut oil 180CST 3.5S: Not higher than 15,533 VND/kg

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Industry and Trade - Ministry of Finance from July 31. Accordingly, the price of E5RON92 gasoline increased by 122 VND/liter; RON95-III gasoline increased by 131 VND/liter; diesel decreased by 61 VND/liter, kerosene increased by 86 VND/liter, and fuel oil increased by 154 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 main factors such as: Information about the framework trade agreement between the US and the EU; increased US crude oil inventories; ongoing Russia-Ukraine military conflict... The above factors have caused world oil prices to fluctuate up and down depending on each product in recent days.

DUC AN

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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-6-8-giam-manh-386519.html