Gasoline prices today (April 8): Unexpected slight increase - Lang Son Newspaper and Radio and Television Station

World oil prices started the trading session with WTI crude oil slightly increasing. Domestic oil prices are likely to be adjusted down.

World oil prices

According to Oilprice, at 5:30 a.m. on April 8 (Vietnam time), WTI oil price suddenly increased by 46 cents while Brent oil remained "anchored" at 64.21 USD/barrel.

Earlier, at the end of the first trading session of the week (April 7), oil prices fell more than 2% to their lowest level in nearly 4 years due to concerns that the latest US trade tariffs could push the global economy into recession and reduce global energy demand.

Oil prices started the trading session on April 8 with WTI oil slightly increasing. Illustration photo: Bizz Buzz

Brent crude fell $1.37, or 2.1%, to $64.21 a barrel. WTI crude fell $1.29, or 2.1%, to $60.70 a barrel. Both benchmarks closed at their lowest levels since April 2021, extending a nearly 11% decline last week.

Notably, during the session, oil prices fell more than $3/barrel, then increased more than $1 when there was information that US President Donald Trump was considering suspending tariffs for 90 days. However, prices quickly returned to red when White House officials quickly denied the information.

The global trade war has begun, Reuters reported. Last weekend, China, the world’s second-largest economy after the United States, said it would impose an additional 34% tariff on US goods in retaliation for Trump’s latest tariffs. In response, Trump said the US would impose an additional 50% tariff on China if Beijing did not withdraw its retaliatory tariffs.

The European Commission has also proposed imposing 25% retaliatory tariffs on a range of US goods in response to Mr Trump's steel and aluminium tariffs.

Goldman Sachs has forecast a 45% chance of a U.S. recession in the next 12 months and has revised down its oil price forecast. Citi and Morgan Stanley have also cut their Brent outlooks. JPMorgan said there is a 60% chance of a U.S. and global recession.

Along with fears of an economic recession, concerns that the Trump administration's policies will cause commodity prices to rise are also growing.

Federal Reserve Governor Adriana Kugler said some recent increases in market inflation for goods and services may be “anticipating” the impact of the Trump administration’s policies. The governor said the Fed’s priority is to control inflation.

Oil prices fluctuated up and down in the first trading session of the week (April 7) and ended the session in the red. Illustration photo: Getty

The Fed and other central banks use higher interest rates to fight inflation. However, higher interest rates increase borrowing costs for consumers and can reduce economic growth and oil demand.

On the supply side, Saudi Arabia announced sharp cuts in crude oil prices to Asian customers, sending oil prices in May to a four-month low.

“This is a testament to the belief that tariffs will hurt oil demand,” said PVM analyst Tamas Varga. “The Saudis believe that the supply-demand balance is affected, so they are forced to cut their official selling prices.”

Domestic gasoline prices

Domestic retail prices of gasoline on April 8 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 will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of April 10. Due to the shocking drop in world gasoline and oil prices last week, it is likely that domestic gasoline and oil prices will also drop sharply.

In the most recent price adjustment, 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-8-4-bat-ngo-tang-nhe-5043404.html