Gasoline and diesel prices today, August 5, 2024: Continuing to plummet.
Gasoline and diesel prices continued to plummet today, August 5th, after a sharp drop last week.
Domestic fuel prices today, August 5, 2024
| Item | Prices from August 1st (unit: VND/liter) | Compared to the previous period |
| RON 95-III gasoline | 22,600 | - 280 |
| E5 RON 92-II gasoline | 21,610 | - 290 |
| Diesel | 19,870 | - 320 |
| Oil | 20,090 | - 230 |
According to an announcement from the Ministry of Finance and the Ministry of Industry and Trade, retail gasoline and diesel prices were adjusted downwards in the latest price adjustment session on the afternoon of August 1st.
The current price of E5 RON 92 gasoline is 21,610 VND/liter.
RON 95 gasoline is also trending downwards, currently priced at 22,600 VND/liter.
The price of diesel fuel is now 19,870 VND/liter, and the price of kerosene is 20,090 VND/liter.
These price changes are expected to have a positive impact on the economy, as well as on people's lives.
World oil prices today, August 5, 2024
At the close of last week, Brent crude oil settled at $76.81 per barrel, while WTI crude oil ended the week at $73.52 per barrel.
Over the past week, the international oil market witnessed its fourth consecutive price drop, with the most significant decline compared to the previous three weeks.
Oil prices fell nearly 2% in early trading this week, reacting to news from Israel about Lebanon's potential response to Hezbollah without triggering a larger conflict in the Middle East. Recent missile attacks on the Golan Heights, believed to have been carried out by Hezbollah, have resulted in casualties among children and teenagers.
Concerns about declining demand from China and the possibility of a ceasefire in Gaza caused oil prices to fall further by 1% in a second trading session, reaching their lowest level in seven weeks.
However, oil prices surged in Tuesday's trading session, with Brent crude rising nearly 3% and WTI crude more than 4%, driven by concerns about the spread of conflict in the Middle East following the assassination of a Hamas political figure.
However, the price increase was short-lived as Wednesday's trading session saw oil prices fall back by more than 1%, amid expectations that global supply would not be significantly affected by the conflict in the Middle East and that oil demand would appear to be increasing.
The final trading session of the week saw a continued decline in prices, with oil falling nearly 4% due to slowing US job growth and weakening manufacturing activity in China.
At the end of the week, Brent crude prices fell by $4.32 per barrel, while WTI crude prices dropped by $3.64 per barrel, marking the fourth consecutive week of price declines.
Gasoline and diesel prices continued to plummet today, August 5th, after a sharp drop last week.
