Gasoline prices today September 3: Oil prices stabilize after US sanctions

Domestic gasoline prices today

Domestic retail prices of gasoline on September 3 are as follows:

- E5RON92 gasoline: No higher than 19,771 VND/liter

- RON95-III gasoline: No higher than VND 20,363/liter

- Diesel 0.05S: Not higher than 18,357 VND/liter

- Kerosene: Not higher than 18,225 VND/liter

- Mazut oil 180CST 3.5S: Not higher than 15,260 VND/kg

World oil prices today

On the morning of September 3, Asian time, Brent crude oil price decreased slightly by 1 cent to 69.13 USD/barrel. US WTI crude oil increased by 4 cents to 65.63 USD/barrel.

Oil prices had previously risen more than 1% after the US imposed new sanctions on a network of shipping companies accused of smuggling Iranian oil disguised as Iraqi oil.

U.S. crude, gasoline and distillate inventories are expected to have fallen in the week ending August 29, a preliminary Reuters survey showed. Three analysts on average forecast a decline of about 3.4 million barrels, helping to keep oil prices elevated.

The US economy continued to send gloomy signals as the manufacturing sector contracted for the sixth consecutive month. The impact of tariffs has weakened business confidence, causing the outlook for oil consumption to cool.

Investors are looking ahead to a meeting of eight OPEC members and their partners on September 7. Most experts believe the group is in no hurry to change its production policy in the short term.

On the same day, Beijing held a grand military parade to mark the 80th anniversary of Japan's surrender in World War II, with President Xi Jinping, Russian President Vladimir Putin and North Korean leader Kim Jong Un in attendance.

A few days earlier, China used the Shanghai Cooperation Organization summit to introduce its vision for a new security-economic order, a direct counterweight to the US. Experts warned that this move could prompt Washington to respond with additional sanctions.