Gasoline price today March 7: Continue to decrease
Today's gasoline prices (March 7) on the world market continued to decline from the beginning of the week due to slowing economic growth and concerns about a wave of interest rate hikes globally.
After an impressive increase last week, world crude oil prices in the first trading session this week tended to decrease slightly.
According to data from Oilprice, at 8:09 p.m. on March 6 (Vietnam time), the price of Brent crude oil for May delivery was trading at $84.71 per barrel, down $1.12, or 1.3%, from the previous session. The price of WTI oil for April delivery was trading at $78.64 per barrel, down $1.04, or 1.31%, from the previous session.
Experts say that oil prices have fallen because investors are worried that major central banks around the world will implement a new round of interest rate hikes at their policy meetings this March, putting pressure on oil prices.
On March 2, European Central Bank (ECB) President Christine Lagard said that the bank expected to raise interest rates by another 0.5 percentage points at its meeting on March 16.
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| World oil prices continue to fall. Photo: istock |
The US Federal Reserve (Fed) will meet on interest rates this March. Investors are waiting for Fed Chairman Jerome Powell's speech at a hearing before the US Congress on March 7-8, on whether the Fed needs to raise interest rates more.
Oil prices also fell after China set a lower-than-expected economic growth target for this year. China set an economic growth target of around 5% in 2023, lower than the country's 5.5% growth target for 2022.
In addition, oil prices are also affected by concerns about rising geopolitical instability, especially issues surrounding the Russia-Ukraine conflict, which will lead to trade wars. This is also a factor that strongly affects the crude oil market.
Investors also remained cautious as this week will see the US Energy Information Administration's March oil market report.
In addition, oil prices fell due to signs of increased supply.
Several recent reports indicate that crude oil inventories in the United States (the world's top oil consumer) have been rising steadily in recent trading weeks. US crude oil inventories rose by 6.2 million barrels in the week ending February 24.
Another sign of rising oil supplies is that crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) increased by 150,000 barrels per day in February.
The International Energy Agency (IEA) recently predicted that an oil surplus is likely to occur early this year, although supplies could tighten if Western sanctions reduce Russian oil exports.
In the domestic market, the selling prices of gasoline and oil today (March 7) are applied according to the prices at the March 1 management session of the Ministry of Finance - Industry and Trade.
Accordingly, the price of RON 95 gasoline decreased by 120 VND/liter, the selling price is 23,320 VND/liter. The price of E5 gasoline decreased by 120 VND/liter, the selling price is 22,420 VND/liter. The price of diesel oil decreased by 550 VND/liter, the selling price is down to 20,250 VND/liter. The price of kerosene decreased by 370 VND/liter, down to 20,470 VND/liter.
