The world "pocketed" nearly 1% more; will domestic growth increase simultaneously this afternoon?

Today's gasoline price, March 27, the world "pocketed" approximately 1% more. This afternoon, domestic gasoline prices will likely be adjusted upward.

Today's gasoline price, March 27, the world "pocketed" approximately 1% more. This afternoon, domestic gasoline prices are likely to be adjusted up. (Photo: Ngoc Ha)

Oil prices ended the trading session on March 26 up by approximately 1%, supported by data showing a decline in US gasoline and oil inventories and growing concerns about tightening global supplies after the US threatened to impose tariffs on countries buying Venezuelan crude.

Brent crude rose 77 cents, or 1.05%, to $73.79 a barrel. WTI crude rose 65 cents, or 0.94%, to $69.65 a barrel. Notably, both benchmarks rose more than $1 at one point during the session.

Reuters cited data from the US Energy Information Administration (EIA) as saying that in the week ending March 21, US crude oil inventories fell by 3.3 million barrels to 433.6 million barrels, nearly 3.5 times the 956,000 barrel decrease predicted by analysts. Also according to the EIA, US gasoline and distillate inventories fell by 1.4 million barrels and 400,000 barrels, respectively.

Venezuela's oil trade with China, its top customer, was halted on March 26 after US President Donald Trump threatened to impose tariffs on countries that buy oil from Caracas.

On March 24, Donald Trump signed an executive order authorizing a 25% tariff on imports from any country that purchases Venezuelan crude oil and liquid fuels. The US also imposed sanctions on China’s imports from Iran.

“The market is worried about a supply shortage,” said John Kilduff, a partner at Again Capital LLC in New York. Barclays analysts said Venezuela’s export discount could be as high as 35 percent, and that the difficulties in commercialization could create a bottleneck that could shut down as much as 400,000 barrels a day of production, or more than half of Venezuela’s exports.

Analysts say Venezuela is likely to lose $4.9 billion in revenue, or more than 10% of GDP, as oil is Venezuela's main export while China is now the target of US import tariffs.

Chinese traders and refiners said they were waiting to see if Beijing would direct them to stop buying Venezuelan oil.

“The physical market is tightening as money flows are disrupted by a series of US sanctions,” said Ashley Kelty, an analyst at Panmure Liberum.

Last week, Washington imposed a new round of sanctions on Iran's oil sales, targeting entities including an independent refinery in China's Shandong province and vessels supplying oil to the plant.

Domestic retail prices of gasoline on March 27 are as follows:

E5 RON 92 gasoline is not more than 19,695 VND/liter.

RON 95-III gasoline is not more than VND 20,087/liter.

Diesel oil not more than 17,893 VND/liter.

Kerosene not more than 18,118 VND/liter.

Fuel oil not exceeding 16,955 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 this afternoon (March 27). Because the world oil prices increased last week, it is likely that domestic oil prices will also increase. However, prices may decrease if the world oil prices decrease sharply in the coming trading sessions.

In the most recent price adjustment, the price of E5 RON 92 gasoline increased by 414 VND/liter, RON 95-III gasoline increased by 438 VND/liter, kerosene increased by 28 VND/liter, diesel decreased by 5 VND/liter, and fuel oil decreased by 40 VND/kg.

Source: https://baoquocte.vn/gia-xang-da-u-hom-nay-273-the-gioi-bo-tui-them-ga-n-1-trong-nuoc-chieu-u-nay-se-dong-ng-loat-tang-309000.html