Gasoline price today April 3, 2025: Crude oil price drops sharply

World oil prices

The move raised concerns that a global trade war could weaken demand for crude.

Specifically, Brent oil price decreased by 1.97 USD (equivalent to 2.63%) to 72.98 USD/barrel. Meanwhile, the price of US light sweet crude oil WTI also decreased by 1.98 USD (2.76%) to only 69.73 USD/barrel.

Trump declared April 2 as “Liberation Day” as he imposed new tariffs that threaten to upend the global trading system. Oil prices had risen in the previous session but reversed course after Trump announced a 10% base tax on all goods imported into the US, while also raising tariffs on a series of major trading partners.

These measures will be detrimental to trade, economic growth and therefore oil demand, but the severity cannot be assessed immediately because the consequences usually appear after a while, according to Bjarne Schieldrop, commodity analyst at SEB.

Crude oil, natural gas and refined petroleum products are not included in the new US tariff list. However, Trump’s tax policy still makes the market worried about the risk of high inflation, slowing economic growth and escalating trade disputes – all of which put pressure on oil prices.

In addition, data from the US Energy Information Administration (EIA) showed that the country's crude oil inventories unexpectedly increased by 6.2 million barrels last week, completely contrary to analysts' forecasts for a decrease of 2.1 million barrels. This further dampened market sentiment.

Domestic gasoline prices

In the domestic market, today's gasoline prices are still applied according to the adjustment period from 3:00 p.m. on March 27. Specifically, the price of E5 RON 92 gasoline increased to VND 20,032/liter and RON 95 gasoline to VND 20,424/liter. Diesel and kerosene increased to VND 18,217/liter and VND 18,524/liter, respectively. Mazut oil decreased slightly by VND 53, to VND 16,902/kg.

The Ministry of Finance and the Ministry of Industry and Trade will not set aside or use the Price Stabilization Fund in this adjustment period.

Since the beginning of the year, domestic gasoline prices have been adjusted 13 times, including 5 increases, 5 decreases and 3 opposite fluctuations.