Gasoline prices today (April 6): A week of shocking "plummet" - Lang Son Newspaper and Radio and Television Station

World oil prices recorded a shocking weekly drop of more than 10%, ending a 3-week increase streak. Domestic oil prices have made a hat-trick of increases.

World oil prices

This week, oil prices “slid” by nearly $8 due to the double impact of strong US import taxes and OPEC+’s unexpected supply increase.

Concerns that supply could fall if US President Donald Trump imposes more tariffs on Russia and attacks Iran helped oil prices rise about 2% to a five-week high in the first trading session of the week.

Oil prices fell more than 10% this week. Illustration photo: Reuters

Oil prices unexpectedly fell 28 cents in the second trading session of the week as traders waited for US President Donald Trump to announce retaliatory tariffs, which could escalate tensions in the global trade war.

Oil prices remained lower during President Donald Trump’s press conference announcing tariffs on trade partners including the European Union, China and South Korea, but recovered to a maximum gain of 51 cents before the end of the third trading session of the week.

According to the announcement of the head of the White House, the US will apply a basic tax rate of 10% on all imports into the US and higher taxes on dozens of other countries, including Washington's largest trading partners. Notably, China will be taxed an additional 34%, in addition to the previously applied 20% tax rate. Close allies of the US such as the European Union will also face a 20% tax rate. According to the plan, the basic tax rate of 10% will take effect from April 5, the higher tax rate for about 60 countries will take effect from April 9.

The oil market really started to wobble on Wednesday when OPEC+ unexpectedly agreed to increase production in the context of the US increasing tariffs. In this session, oil prices fell more than 6%, the largest percentage drop since 2022.

According to Oilprice, 8 members of OPEC+ unexpectedly agreed to accelerate the removal of production cuts by increasing production in May by 411,000 barrels/day, equivalent to the expected increase of 3 months.

US oil inventories increased sharply by about 6.2 million barrels, distillate inventories increased by 300,000 barrels, while gasoline inventories decreased by 1.6 million barrels, which were also factors supporting the sharp drop in oil prices.

Oil prices have ended a three-week winning streak. Illustration: Vanguardngr

China's announcement that it would impose an additional 34% tariff on all US goods starting April 10 has escalated the trade war, threatening an economic recession. The news sent oil prices down another 7% in the final trading session of the week to their lowest level since 2021. Brent crude closed at $65.58 a barrel, down $8.05, or 10.9% - the biggest weekly percentage drop in a year and a half; WTI crude closed the week at $61.99 a barrel, down $7.37, or 10.6% - the biggest percentage drop in two years.

Thus, with a decrease of more than 10%, oil prices have established the first sharp weekly decline after a hat-trick of increases.

Domestic gasoline prices

Domestic retail prices of gasoline on April 6 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-6-4-tuan-lao-doc-soc-5043255.html