Gasoline prices today September 4: Sharp drop but still near highest level in August
Oil prices today, September 4: Asian oil prices fell sharply this morning but remained near a one-month high, thanks to new US sanctions targeting Iran's oil transportation network.
World oil prices today
On the morning of September 4 (Vietnam time), Brent oil price decreased by 2.33% to 67.52 USD/barrel, WTI oil price decreased by 2.64% to 63.84 USD/barrel.
The move followed a more than 1% gain in both benchmarks, largely due to Washington’s decision to impose sanctions on a network of shipping companies accused of smuggling Iranian oil disguised as Iraqi oil.
The new sanctions are providing solid support for the oil market, experts say. 'Structural volatility remains; sanctions and geopolitical flashpoints are shaping risk premiums, keeping oil prices stable around recent highs,' said Priyanka Sachdeva, an analyst at Phillip Nova. The move has raised concerns that global oil supplies could tighten.
The entire market is waiting for the results of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) on September 7. Analysts predict that this group is unlikely to adjust production quotas further at the present time.
"Geopolitical risks continue to weigh on oil prices. The market is focused on the upcoming OPEC meeting and is wary of the risk of oversupply," said Emril Jamil, senior analyst at LSEG.
Another factor supporting oil prices came from forecasts of a sharp decline in U.S. crude inventories last week. A Reuters survey forecast a decline of about 3.4 million barrels in crude, gasoline and diesel inventories, with an average decline of about 3.4 million barrels.
However, oil prices remained under pressure from negative economic data. The continued contraction of US industrial production due to the impact of tariffs weighed on the outlook for oil demand.
Domestic oil price today
Domestic retail prices of gasoline on September 4 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
According to the announcement from the Vietnam Petroleum Institute (VPI), the institute's Machine Learning forecasting model predicts that retail gasoline prices at the 3:00 p.m. adjustment tomorrow (September 4) will only increase slightly.
The expected increase ranges from 0.1% to 1% compared to the previous management period, based on the assumption that the Ministry of Industry and Trade - Ministry of Finance does not make provisions or use the Price Stabilization Fund.
Applying artificial neural network (ANN) model and supervised learning algorithm, VPI gives detailed forecast figures for each type of fuel.
The price of E5 RON 92 gasoline is forecast to increase by VND101, equivalent to 0.5%, to VND19,871/liter. Meanwhile, RON 95-III gasoline is likely to increase slightly by VND31 (0.2%), reaching VND20,391/liter.
For oil products, VPI’s model expects a stable trend or a slight increase. Fuel oil prices are likely to increase by 1% to VND15,414/kg. Diesel prices are forecast to increase slightly to VND18,363/liter, while kerosene prices are expected to remain stable at VND18,224/liter.
The forecast also assumes that the inter-ministerial committee will continue not to intervene in the Price Stabilization Fund during this management period.
