Gasoline price today March 13: Domestic gasoline price expected to increase along with world price

Last week, the world oil market recorded a week of sharp price declines, although it reversed and increased in the last session.

In the 5 trading sessions of the week, oil prices increased 2 sessions and decreased 3 sessions. Oil prices increased and decreased due to the impact of many factors.

Oil prices rose slightly in the first session of the week due to concerns about supply shortages and hopes of increased demand from China.

For the next three consecutive sessions, oil prices fell sharply amid concerns that the US Federal Reserve (Fed) would move to raise interest rates more aggressively along with the strengthening of the USD.

Specifically, on March 7, world oil prices fell nearly $3 after comments from Fed Chairman Jerome Powell warned that interest rates would need to rise further to control inflation. Rising oil prices put additional pressure on economic growth and energy demand.

By the session of March 8, although US crude oil reserves decreased more than expected, world oil prices continued to plummet due to concerns about stronger US interest rate hikes.

Domestic gasoline prices may rise again. (Photo: Chi Hung)

The decline ofinternational oil pricescontinued in the session on March 9 as traders worried about the risk of recession when the number of initial unemployment benefits applications in the US in the week ending March 4 increased beyond forecasts.

However, oil prices turned higher on March 10 thanks to the latest US jobs report showing a higher-than-expected number of new jobs created in February 2023. Positive labor market figures can be considered a supportive factor for oil prices, as a healthy economy bodes well for energy demand.

Despite the gains on March 10, WTI and Brent crude prices still fell 3.8% and 3.6%, respectively, last week. Both crude oil prices last week had their biggest weekly declines since the week ending February 17.

According to data from Oilprice, at the end of last week, Brent oil price was traded at 82.78 USD/barrel, WTI oil price closed the week at 76.68 USD/barrel.

In the domestic market, the selling price of gasoline and oil from 3:00 p.m. today (March 13) will be applied according to the new price.

Leaders of some key petroleum trading enterprises said that in today's management period (March 13), domestic gasoline retail prices may increase slightly according to imported gasoline prices. However, the specific increase depends on the management of the Price Stabilization Fund.

According to forecasts, domestic retail gasoline prices on the afternoon of March 13 may be adjusted up by 110-210 VND/liter. Kerosene and diesel prices are likely to increase by 570-760 VND/liter.

Thus, if the above forecast is correct, domestic gasoline prices will turn up after decreasing twice in a row. Since the beginning of the year, gasoline prices have increased three times, decreased twice, and remained unchanged once.