Gasoline price today August 4: 4th consecutive week of decrease

World oil prices

This week, the oil market saw a significant decline, with oil prices falling about 5% compared to three weeks ago.

Brent crude oil prices fell $4.32 to close at $76.81 a barrel, while WTI crude oil prices fell $3.64 to end at $73.52 a barrel, marking the fourth consecutive weekly decline.

In the first trading session of the week, the tense situation in the Middle East, specifically the statement of Israeli officials about avoiding a full-scale conflict but will respond to Hezbollah after the rocket attack that caused casualties to children and teenagers in the Golan Heights, affected oil prices, causing prices to fall by nearly 2%.

Investors expressed concerns about falling oil demand from China and OPEC+ plans to increase supply. A ceasefire in Gaza may reduce geopolitical risks, but oil prices still fell 1% to a seven-week low.

Oil prices surged on Tuesday amid concerns about an expanding conflict in the Middle East and a drop in US oil inventories. Brent and WTI crude oil prices rose nearly 3% and more than 4%, respectively, after the EIA reported a drop in US oil and gasoline inventories.

Oil prices plunged more than $1 on Wednesday, with concerns about conflict in the Middle East not affecting global supplies significantly.

The final trading session of the week saw a decline in US employment and a rise in unemployment, raising concerns about a recession in China. A decline in Chinese manufacturing activity raised concerns about demand, leading to oil prices falling nearly 4% to their lowest level since January.

Domestic gasoline prices

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

E5 RON 92 gasoline is not more than 21,616 VND/liter.

RON 95-III gasoline is not more than 22,603 ​​VND/liter.

Diesel oil not more than 19,878 VND/liter.

Kerosene not more than 20,095 VND/liter.

Fuel oil not exceeding 16,886 VND/kg.

The above domestic retail price of gasoline was adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of August 1.

Diesel oil price decreased the most by 316 VND/liter. Fuel oil price decreased by 292 VND/kg, while E5 RON 92 gasoline decreased by 284 VND/liter and RON 95-III gasoline decreased by 281 VND/liter. Kerosene oil decreased the least by 231 VND/liter.

This is the fourth consecutive time that domestic gasoline prices have been adjusted down.