Gasoline price today March 29: Slight slide

Oil prices today, March 29, ending the last trading session of the week (March 28), oil prices decreased slightly. Brent oil prices decreased by 40 cents, equivalent to 0.5%, to 73.63 USD/barrel. WTI oil prices decreased by 56 cents, equivalent to 0.8%, to 69.36 USD/barrel.

Gasoline prices today, March 29, "cooled down" after the market learned that US President Donald Trump plans to announce reciprocal tariffs on many types of imported goods, effective from April 2. (Source: Reuters)

The trade war has investors worried about a possible recession, JPMorgan analysts said. “Trade war concerns, coupled with increased uncertainty over U.S. policy, are weighing heavily on sentiment.” However, JPMorgan said that despite the heightened risk of a recession, high-frequency oil demand indicators remain relatively healthy for now.

Despite the decline on March 28, Brent crude gained 1.9% for the week, while WTI gained 1.6%. Since hitting a multi-month low in early March, Brent has rallied more than 7%, while WTI has recovered more than 6%.

The main theme this week is the Trump administration increasing pressure on Venezuela, said Barclays analyst Amarpreet Singh.

Earlier this week, Mr. Trump announced a new 25% tariff on potential buyers of Venezuelan crude oil, just days after the United States imposed sanctions on Chinese imports from Iran.

The tariffs could exacerbate an expected 200,000 bpd decline in Venezuelan crude production this year, adding uncertainty for buyers and disrupting Venezuela’s oil trade with top buyer China, Singh said.

Meanwhile, India's Reliance Industries, which operates the world's largest oil refining complex, will stop importing oil from Venezuela.

The oil market is also recalibrating expectations about global supply due to US sanctions on Venezuela and Iran.

If there is a decline in Venezuelan or Iranian crude barrels on the market, it would certainly be a positive development, according to StoneX analyst Alex Hodes.

OPEC+ is likely to continue increasing oil production in May, Reuters reported on March 24. The organization is expected to start its monthly oil production increase program in April.

Domestic retail prices of gasoline on March 29 are as follows:

E5 RON 92 gasoline is not more than 20,032 VND/liter.

RON 95-III gasoline is not more than 20,424 VND/liter.

Diesel oil not more than 18,217 VND/liter.

Kerosene not more than 18,524 VND/liter.

Fuel oil not exceeding 16,902 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price adjustment session on the afternoon of March 27. Due to the increase in world gasoline and oil prices last week and in recent trading sessions, domestic gasoline and oil prices also increased simultaneously. The price of E5 RON 92 gasoline increased by 337 VND/liter, RON 95-III gasoline increased by 337 VND/liter, kerosene increased by 406 VND/liter, diesel increased by 324 VND/liter. Only fuel oil decreased by 53 VND/kg.

In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-293-truot-doc-nhe-309249.html