Gasoline price today August 5, 2024: Continue to plummet
Gasoline prices today, August 5, continued to plummet after a sharp drop last week.
Domestic gasoline prices today August 5, 2024
| Item | Price from August 1 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 22,600 | - 280 |
| Gasoline E5 RON 92-II | 21,610 | - 290 |
| Diesel | 19,870 | - 320 |
| Oil | 20,090 | - 230 |
According to the announcement from the Ministry of Finance and the Ministry of Industry and Trade, retail gasoline prices were adjusted down in the most recent management session on the afternoon of August 1.
The current price of E5 RON 92 gasoline is 21,610 VND/liter.
RON 95 gasoline also follows a downward trend, currently priced at 22,600 VND/liter.
Diesel price is now 19,870 VND/liter, and kerosene price is 20,090 VND/liter.
These changes in prices are expected to have a positive impact on the economy, as well as people's lives.
World oil prices today August 5, 2024
Closing last week, Brent oil price was fixed at 76.81 USD/barrel, WTI oil price ended the week at 73.52 USD/barrel.
Last week, the international oil market witnessed its fourth consecutive price decline, with the most significant decline compared to the previous three weeks.
Oil prices fell nearly 2% in early trading Monday, reacting to reports from Israel that Lebanon’s response to Hezbollah could be limited without sparking a wider conflict in the Middle East. Recent rocket attacks on the Golan Heights, believed to have been carried out by Hezbollah, have resulted in the deaths of children and teenagers.
Concerns about slowing demand from China and the possibility of a ceasefire in Gaza sent oil prices down another 1% in a second trading session, to a seven-week low.
However, oil prices rose sharply in Tuesday's trading session, with Brent crude up nearly 3% and WTI crude up more than 4%, on concerns about the spread of conflict in the Middle East following the assassination of a Hamas political figure.
However, the price increase did not last long as the fourth trading session saw oil prices fall back by more than 1%, amid global supply not being much affected by conflicts in the Middle East and oil demand seemingly increasing.
The final trading session of the week saw continued declines, with oil prices falling nearly 4% due to slowing US job growth and weakening manufacturing activity in China.
At the end of the week, Brent oil price decreased by 4.32 USD/barrel, while WTI oil price decreased by 3.64 USD/barrel, marking the fourth consecutive week of price decrease.
Gasoline prices today, August 5, continued to plummet after a sharp drop last week.
