Gasoline price today August 7: Reversal to increase

World oil prices today recorded an upward trend despite OPEC+ increasing production and concerns about tariffs.

At 6:20 am on July 8, the price of WTI oil stood at 67.82 USD/barrel, up 1.79 USD/barrel, while the price of US Brent oil stood at 69.45 USD/barrel, up 1.64 USD/barrel.

WTI crude oil futures rebounded from earlier lows despite a larger-than-expected OPEC+ output increase and concerns over potential US tariffs.

The group agreed to increase output by 548,000 barrels per day in August, with nearly 80% of previous voluntary cuts expected to return, mainly from Saudi Arabia.

World oil prices increased sharply. (Illustration photo)

OPEC+ cited a stable economic outlook and strong fundamentals, with another increase to be considered at its meeting on Aug. 3. The move follows a slower increase of 411,000 barrels per day from May to July.

In a show of confidence in demand, Saudi Arabia raised the price of its Arab Light crude for August delivery to a four-month high for Asia.

Meanwhile, markets are watching US trade policy, with specific tariffs set to take effect from August 1. While oil remains supported by tight supplies, tariff uncertainty continues to cloud the outlook for the second half of 2025.

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.

Likewise, 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 contained 26 adjustment sessions, including 10 decrease sessions, 11 increase sessions and 5 opposite sessions.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-8-7-dao-chieu-tang-5052515.html