Gasoline price today June 22: Can't break through
Oil prices today, June 22, on the world market continue to trend downward due to uncertain demand from China and concerns that the global economic recession could reduce oil demand.
Indomestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of June 21 of the Ministry of Finance - Industry and Trade. Accordingly, gasoline prices are adjusted to remain unchanged, while oil prices increase slightly.
Specifically, the price of RON 95 gasoline is 22,010 VND/liter. The price of E5 RON 92 gasoline is 20,870 VND/liter. The price of diesel oil increased by 150 VND, to 18,170 VND/liter. The price of kerosene increased by 130 VND, to 17,956 VND/liter.
Retail price of gasoline today:
| Item | Price from June 21 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 22,010 | 0 |
| Gasoline E5 RON 92-II | 20,870 | 0 |
| Diesel | 18,170 | +150 |
| Oil | 17,956 | +130 |
Aboveworld market, gasoline prices today, June 22, continued to decrease following the downward trend of the previous two sessions.
On June 21, gasoline prices were fluctuating, sometimes increasing slightly, after decreasing at the beginning of the week.
According to data from Oilprice, at 10:18 a.m. on June 21 (Vietnam time), Brent oil price was at 76.26 USD/barrel, up 0.36 USD, equivalent to 0.47% compared to the previous session. Meanwhile, WTI oil price was at 70.5 USD/barrel, down 1.28 USD, equivalent to 1.78% compared to the previous session.
At 8:23 p.m. on June 21 (Vietnam time), Brent oil price fell to 75.76 USD/barrel, down 0.14 USD, equivalent to 0.18% compared to the previous session. Meanwhile, WTI oil price was traded at 71.14 USD/barrel, down 0.05 USD, equivalent to 0.07% compared to the previous session.
Gasoline prices have not been able to break out (Photo: Reuters)Analysts say oil prices are falling due to uncertain demand from China - the world's second largest crude oil consumer.
Oil prices fell after China cut its one-year and five-year lending benchmark interest rates for the first time in 10 months, by 10 basis points. However, the reduction was smaller than market expectations.
China’s decision to cut its one- and five-year benchmark lending rates will help boost economic activity, but the country’s oil demand is increasingly uncertain, according to Oilprice. The lack of clarity on the pace of demand recovery in China has pushed oil prices further down.
Besides, China's huge oil reserves recently also affected oil prices.
In May, Chinese refineries added about 1.77 million barrels of crude oil per day, bringing the total amount of crude oil in the country's storage tanks to nearly 1 billion barrels.
Meanwhile, the European Union (EU) economy has suffered two consecutive quarters of recession due to slowing inflation and consumer spending, raising concerns that a global recession could reduce oil demand.
