Gasoline prices on the world market today tend to decrease
Today (August 2) the world oil price tends to decrease after reaching a 3-month high. Meanwhile, domestic oil price has increased sharply since yesterday afternoon.
Domestic gasoline prices today
In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of August 1 of the Ministry of Finance - Industry and Trade. Accordingly, gasoline and oil prices have been adjusted to increase sharply.
Specifically, the price of RON 95-III gasoline increased by VND1,170/liter, to VND23,960/liter; the price of E5 RON 92-II gasoline increased by VND1,160/liter, the selling price is VND22,790/liter.
Diesel price increased by 1,110 VND/liter, to 20,610 VND/liter. Kerosene price increased by 1,090 VND/liter, to 20,270 VND/liter.
Retail price of gasoline today:
| Item | Price from August 1 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 23,960 | + 1,170 |
| Gasoline E5 RON 92-II | 22,790 | + 1,160 |
| Diesel | 20,610 | + 1,110 |
| Oil | 20,270 | + 1,090 |
World oil prices today
In the world market, gasoline prices today (August 2) tend to decrease after reaching a 3-month high.
On August 1, world oil prices showed signs of weakening. Brent oil prices lost the $85/barrel mark.
Data from Oilprice shows that at 9:03 a.m. on August 1 (Vietnam time), Brent crude oil was trading at $85.56 per barrel, up $0.57, or 0.67%, from the previous session. WTI crude oil was at $81.68 per barrel, down $0.12, or 0.15%, from the previous session.
At 8:15 p.m. on August 1 (Vietnam time), Brent oil price fell to 84.68 USD/barrel, down 0.75 USD, or 0.88%, compared to the previous session. WTI oil price fell to 81 USD/barrel, down 0.8 USD, or 0.98%, compared to the previous session.
According to analysts, world oil prices have turned down partly due to profit-taking pressure from investors after prices rose.
In addition, negative production data from China - the world's second largest crude oil consumer - also put pressure on oil prices.
China's factory activity contracted in July, marking the fourth consecutive month of decline in manufacturing activity, reflecting a weak recovery in the Chinese economy.
Oil prices fell but remained supported by signs that global supplies are tightening while demand is rising.
Saudi Arabia plans to extend its voluntary oil production cut of 1 million barrels per day into September, Reuters reported.
Traders are now turning their attention to the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on August 4. Analysts expect the meeting to provide further clues on the outlook for the oil market.
