Gasoline prices today (August 7): Drowning in red

World oil prices

World oil prices continued to fall in the trading session on Wednesday, hitting an eight-week low, after US President Donald Trump said negotiations with Russia had progressed, leaving investors uncertain about the possibility of the US imposing more sanctions on Moscow.

According to Reuters, at the end of the trading session on August 6, Brent oil price decreased by 0.75 USD/barrel (equivalent to 1.1%), down to 66.89 USD/barrel; WTI oil price decreased by 0.81 USD/barrel (equivalent to 1.2%), down to 64.35 USD/barrel.

This is the fifth consecutive decline for both types of oil, with Brent oil prices hitting their lowest since June 10 and WTI oil prices hitting their lowest since June 5.

Oil prices continued to fall in the trading session on August 6. Photo: Boston

US President Donald Trump said that Special Envoy Steve Witkoff had just made “significant progress” at a meeting with Russian President Vladimir Putin on August 6, in the context that President Donald Trump's deadline for Russia to resolve the conflict with Ukraine is about to end on August 8.

Russia is currently the world's second-largest crude oil producer, behind only the United States. Any deal to ease sanctions could therefore allow Russia to export more oil, increasing global supplies.

Oil prices also rose at times in early trading on August 6 after President Donald Trump signed an executive order imposing an additional 25% tax on goods from India, citing the country’s direct or indirect import of oil from Russia. The new tax on India will take effect after 21 days. India and China are the two largest customers of oil from Russia.

According to Reuters, in addition to tax factors and sanctions from the US, analysts said that OPEC+'s plan to increase production is also putting pressure on the oil market in recent days.

Illustration: Oilprice

In another development, Saudi Arabia, the world's largest oil exporter, has just announced an increase in crude oil prices to the Asian market in September, marking the second consecutive month of increase, due to limited supply and strong demand.

The oil market also received support from a recently released report by the US Energy Information Administration (EIA) showing that crude oil inventories in the country fell sharply in the week ending August 1. This shows that oil demand is increasing in the US.

US energy companies withdrew 3 million barrels of oil from reserves, much higher than the 600,000 barrel reduction forecast by analysts in a Reuters survey. However, this figure was still lower than the 4.2 million barrel reduction announced by the American Petroleum Institute (API) earlier.

Domestic gasoline prices

Domestic retail prices of gasoline on August 7, 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 and the 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.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-7--chim-trong-sac-do-5055340.htm