Gasoline prices today (September 1): The upward trend still prevails

World oil prices

According to Oilprice, at 5:15 a.m. on September 1 (Vietnam time), Brent oil price decreased by 0.07 USD/barrel (equivalent to 0.1%), down to 67.41 USD/barrel; WTI oil price also decreased by 0.06 USD/barrel (equivalent to 0.09%), down to 63.95 USD/barrel.

World oil prices are facing many uncertain factors, in the context of continuous price fluctuations. The focus is currently on the upcoming meeting of OPEC+, the group is expected to increase production, putting pressure on global oil prices.

Experts say the supply-demand situation is quite complicated. According to Mr. Andrew Lipow, President of Lipow Oil Associates, the market is likely to see increased supply while demand decreases, especially when the peak driving season in the US ends. In addition, concerns about the impact of President Donald Trump's new tariff policies have also raised economic uncertainties.

World oil prices fluctuated continuously last week. Illustration photo: Reuters

However, some other opinions believe that the market is still in a tight state. Mr. Phil Flynn, senior analyst at Price Futures Group, pointed out that the additional supply from OPEC has not really affected the US market. The supply-demand balance may still be in deficit, keeping oil prices high.

While airstrikes on Russian oil export terminals had pushed oil prices higher, the prospect of a negotiated ceasefire quickly cooled the market. Meanwhile, a report on U.S. crude inventories showed a larger-than-expected drawdown, reflecting strong late-summer demand, particularly in the industrial and transportation sectors.

In addition, the impact of the US request for India to stop buying Russian oil is still unclear. Investors are still watching India’s response to pressure from the US, after Mr. Trump doubled tariffs on imports from India to 50% on August 27. Despite the US request for India to stop buying Russian oil and impose high tariffs, traders believe that India will continue to import Russian oil at deep discounts, ignoring pressure from Washington.

And even if Russian oil supplies are indeed disrupted, Ole Hansen, head of commodity strategy at Saxo Bank, said the impact of a potential Russian supply disruption would be offset by increased OPEC production.

This shows that the market is still dominated by many complex geopolitical factors, not simply supply and demand.

Domestic gasoline prices

Domestic retail prices of gasoline on September 1, specifically as follows:

- E5RON92 gasoline: No higher than 19,771 VND/liter

- RON95-III gasoline: No higher than VND 20,363/liter

- Diesel 0.05S: Not higher than 18,357 VND/liter

- Kerosene: Not higher than 18,225 VND/liter

- Mazut oil 180CST 3.5S: Not higher than 15,260 VND/kg

In response to recent developments in world petroleum product prices, the above domestic petroleum retail prices were adjusted by the Ministry of Industry and Trade - Ministry of Finance from the afternoon of August 28. Accordingly, petroleum prices increased simultaneously. E5RON92 gasoline price increased by 307 VND/liter, RON95-III gasoline increased by 271 VND/liter, diesel increased by 452 VND/liter, kerosene increased by 411 VND/liter, and fuel oil increased by 144 VND/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baolangson.vn/gasoline-price-today-1-9-trend-increases-price-still-continues-5057614.html