Gasoline price today May 8: Unpredictable fluctuations

On the morning of May 8 (Vietnam time), Brent oil price dropped to 61.12 USD/barrel, down 1.03 USD compared to the previous price. Meanwhile, WTI oil price only increased slightly, remaining at 58.06 USD/barrel.

The drop in oil prices was largely due to investor caution amid uncertainty over global trade negotiations and supply concerns.

The main reason is that investors are worried that the upcoming trade negotiations between the US and China are unlikely to achieve positive results. At the same time, expectations for a nuclear deal between the US and Iran are also gradually decreasing, adding to market uncertainty.

Another notable news is that the US Federal Reserve (Fed) decided to keep interest rates unchanged, but also warned of inflation risks and rising unemployment, making the US economic outlook gloomy. This happened in the context of President Trump's tariff policy continuing to put pressure on the market.

According to Reuters, the US and China may hold a meeting in Switzerland to restart the trade negotiation process. Analyst Bjarne Schieldrop commented that the market has high expectations for this meeting. However, while waiting for the results, cautious sentiment still prevails.

Another factor that sent oil prices tumbling this week was the OPEC+ group’s decision to increase production, raising concerns about oversupply at a time when demand has yet to fully recover.

However, some US oil producers have said they will cut investment, warning that US oil production may have peaked. This is considered a positive signal contributing to stabilizing the market in the coming time.

In addition, data from the US Energy Information Administration (EIA) also showed that domestic demand was not optimistic. Gasoline reserves increased unexpectedly before the peak summer driving season, causing investors to worry. Conversely, crude oil inventories decreased more than expected, which partly supported oil prices.

In terms of geopolitical factors, tensions in the Middle East between Israel and the Houthis are also increasing the level of risk, thereby affecting oil prices. According to expert Tamas Varga, the lack of stability in US energy policy and fluctuations from OPEC+ will continue to make the crude oil market unpredictable in the coming time.

Domestic gasoline prices on May 8, 2025

In Vietnam, domestic gasoline prices are being applied according to the latest adjustment from 3:00 p.m. on May 5. Accordingly, the price of E5 RON 92 gasoline is currently at VND19,154/liter, down VND84 compared to before. RON 95 gasoline also decreased slightly, down to VND19,586/liter.

Prices of other types of oil also decreased: diesel oil decreased to 17,354 VND/liter; kerosene oil to 17,564 VND/liter; and mazut oil to 16,198 VND/kg. This adjustment does not set aside or use the Price Stabilization Fund for all petroleum products.

Since the beginning of the year, the domestic gasoline market has undergone 18 price adjustments. Of these, 8 have decreased, 7 have increased, and 3 have fluctuated in opposite directions.

Price movements are still greatly influenced by the world situation, especially from the production policies of oil exporting countries and global trade tensions.

Source: https://baoquangnam.vn/gia-xang-dau-hom-nay-8-5-bien-dong-kho-luong-3154338.html