Gasoline price today August 7: Forecast to continue to decrease deeply
Today's gasoline and oil prices, August 7, world gasoline and oil prices have slightly decreased. Domestic gasoline and oil prices are expected to decrease for the fifth consecutive time on the afternoon of August 8.
World oil prices
According to Dailyfx, at 5:30 a.m. on August 7 (Vietnam time), Brent and WTI oil prices both decreased slightly.
Both benchmarks posted slight gains in the previous session on August 6. The gains came as investors focused on supply shortages and the recovery of financial markets following recent volatility.
Specifically, Brent crude oil prices increased by 0.2%, equivalent to 18 cents, to reach 76.48 USD per barrel. WTI crude oil prices also increased by 0.4%, equivalent to 26 cents, to 73.2 USD per barrel.
Iran has vowed to retaliate against Israel and the United States after the killing of two leaders of Hamas and Hezbollah, raising concerns about the possibility of a wider conflict in the Middle East that could affect oil supplies.
Oil production at Libya's Sharara field has fallen by 300,000 barrels per day, coupled with protests that led the Libyan National Oil Corporation to announce it would cut production, raising concerns about a supply shortage.
Oil prices were supported by a decline in crude and fuel inventories at major trading hubs around the world.
Analyst Giovanni Staunovo from UBS pointed out that, although oil inventories are falling, the fundamentals of the oil market still show a shortage of supply.
US gasoline demand is expected to rise, with estimates exceeding 9 million barrels per day last week, bolstering confidence in the economic recovery.
According to estimates from the US Energy Information Administration (EIA), in the first 6 months of the year, global oil reserves have decreased significantly, with a decrease of about 400,000 barrels per day.
Looking ahead to the second half of the year, the EIA expects to see a double-digit decline in oil inventories, about 800,000 barrels per day.
Amid recent oil price declines due to economic concerns, the EIA has revised down its average oil price forecast for both this year and next.
However, the EIA remains optimistic about the oil price outlook, predicting that prices will increase in the coming months. According to the EIA's forecast, Brent crude oil spot prices are expected to be in the range of $85 to $90 per barrel by the end of the year.
Domestic gasoline prices
Domestic retail prices of gasoline on August 7 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 Ministry of Finance and the Ministry of Industry and Trade will adjust domestic retail gasoline prices on the afternoon of August 8. Global gasoline prices fell sharply last week, leading to the possibility of further domestic price reductions of VND500-800/liter (kg).
It is expected that domestic gasoline prices may decrease for the fifth consecutive time. In the latest adjustment, the price of E5 RON 92 gasoline decreased by VND284/liter, RON 95-III gasoline decreased by VND281/liter, diesel oil decreased by VND316/liter, kerosene decreased by VND231/liter, and fuel oil decreased by VND292/kg.
