Gasoline price today 7/7: Continue to decrease

World oil prices today continued to record a downward trend in the context of OPEC+ agreeing to increase oil production from August to promote supply recovery.

At 6:00 a.m. on July 7, the price of WTI oil stood at 66.03 USD/barrel, down 0.47 USD/barrel, while the price of US Brent oil stood at 67.81 USD/barrel, down 0.50 USD/barrel.

OPEC+ agreed to increase oil output by 548,000 barrels per day from August, marking the biggest increase this year to speed up the recovery of supply. The decision was made after oil prices spiked and then fell again due to tensions related to the Israel-Iran war.

The increase in oil production will mark the fourth consecutive month of OPEC+ increasing production, which could cause the global oil supply-demand balance in the second half of the year to shift towards oversupply, leading to a faster-than-expected increase in global oil inventories, according to experts.

World oil prices continue to fall. (Illustration: Minh Duc)

The OPEC+ production increase shows that the alliance is following US President Donald Trump’s demands to increase production and prevent any oil price increase. Although oil prices rose to near 2025 highs in June amid the Israel-Iran war, the de-escalation of military action has sent crude prices falling below $70 a barrel.

Domestic gasoline prices

During the operating period on July 3, the price of E5 RON92 gasoline decreased by VND1,085/liter, to a level not higher than VND19,445/liter; RON95 gasoline decreased by VND1,210/liter, to a level not higher than VND19,906/liter.

Similarly, the prices of various types of oil also decreased sharply. Specifically, the price of diesel oil decreased by 941 VND/liter, to 18,408 VND/liter; kerosene oil decreased by 932 VND/liter, to 18,132 VND/liter. The price of fuel oil decreased by 1,148 VND, to 15,807 VND/kg.

In this operating period, the management agency continues to not set aside or spend the gasoline price stabilization fund.

Previously, from 0:00 on July 1, gasoline prices also decreased due to the 2% reduction in VAT (to 8%).

Since the beginning of 2025, domestic gasoline prices have undergone 26 adjustment sessions, including 10 decrease sessions, 11 increase sessions and 5 opposite sessions.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-7-7-tiep-tuc-giam-5052374.html