Gasoline prices today (April 4): Most shocking drop in 3 years - Lang Son Newspaper and Radio and Television

Today's oil prices (April 4): World oil prices continue their journey to conquer the "downhill" milestones. Domestic oil prices have made a hat-trick of increases.

World oil prices

Oil prices plunged in the trading session on April 3, ending the session with the largest percentage drop since 2022, after OPEC+ unexpectedly agreed to increase production amid market turmoil due to new US tariffs.

OPEC+'s decision to increase production and the newly announced US tariffs pushed oil prices to a "slide" in the trading session on April 3. Illustration photo: Reuters

Brent crude fell $4.81, or 6.42%, to $70.14 a barrel. WTI crude fell $4.76, or 6.64%, to $66.95 a barrel.

According to Reuters, at the meeting of ministers on April 3, OPEC+ countries agreed to promote the plan to increase oil production with the goal of adding 411,000 barrels/day to the market in May, approximately 3 times higher than the previous plan to increase 135,000 barrels/day.

The economy and oil demand are inextricably linked, said Angie Gildea, head of energy at KPMG US. The market is still reeling from the impact of tariffs, but the combination of rising oil production and a weaker global economic outlook is putting downward pressure on oil prices and could usher in a new chapter in a volatile market.

Oil prices fell about 4% ahead of the OPEC+ meeting, as investors worried that the tariffs announced by US President Donald Trump on April 2 would escalate the global trade war, curb economic growth and curb fuel demand.

On April 2 (local time), Donald Trump announced a minimum 10% tariff on most goods imported into the US - the world's largest oil consumer - and much higher tariffs on products from dozens of countries. The White House also said that imports of oil, gas and refined products are exempt from the new tariffs.

Traders and analysts now expect more volatility in oil prices in the coming period, as tariffs could change as countries try to negotiate lower tariffs or impose retaliatory tariffs.

Oil prices are expected to continue to fall. Illustration photo: Reuters

Given the upcoming measures and the initial market reaction, recession and stagflation are likely, according to PVM analyst Tamas Varga. Explaining this, the analyst said that since tariffs are ultimately paid by domestic consumers and businesses, the increased costs will hinder the growth of economic wealth.

Also supporting the slide in oil prices was data showing US oil inventories rose sharply by 6.2 million barrels, contrary to analysts' forecasts for a 2.1 million barrel decline.

Domestic retail prices of gasoline on April 4 are as follows:

E5 RON 92 gasoline is not more than 20,373 VND/liter.

RON 95-III gasoline is not more than VND 20,919/liter.

Diesel oil not more than 18,478 VND/liter.

Kerosene not more than 18,735 VND/liter.

Fuel oil not exceeding 17,026 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of April 3. Due to the increase in world gasoline and oil prices last week and the increase in the first trading sessions of the week, domestic gasoline and oil prices increased simultaneously, recording the third consecutive increase. The price of E5 RON 92 gasoline increased by 341 VND/liter, RON 95-III gasoline increased by 495 VND/liter, kerosene increased by 211 VND/liter, diesel increased by 261 VND/liter, and fuel oil increased by 124 VND/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-4-4-giam-soc-nhat-trong-3-nam-5043097.html