Gasoline price on July 8, 2025: Sharp increase despite expanded supply

Gasoline prices today, July 8, 2025, continued to increase sharply, despite expanding supply, due to the impact of new taxes from the US.

World oil prices rise despite supply pressure

According to Oilprice at 4:30 am on July 8, 2025 (Vietnam time), Brent oil price reached 69.14 USD/barrel, up 1.14% (equivalent to 0.78 USD/barrel). Similarly, WTI oil price recorded 67.54 USD/barrel, up 1.56% (equivalent to 1.04 USD/barrel). This increase continued despite OPEC+'s strong decision to increase production due to concerns about US tariff policies.

The tight physical market has been the main driver of oil prices' rise. “The oil market remains in deficit, which suggests the ability to absorb additional supply,” said UBS' Giovanni Staunovo. OPEC+ agreed to raise production by 548,000 barrels per day in August, up from 411,000 barrels per day in the previous three months. According to experts at RBC Capital, this decision will return nearly 80% of the 2.2 million barrels per day voluntary cuts by eight member countries to the market, with the majority coming from Saudi Arabia.

Notably, Saudi Arabia raised the price of its Arab Light crude to Asia for August to a four-month high, showing confidence in oil demand. Goldman Sachs forecasts that OPEC+ may announce another production increase of 550,000 barrels per day at its meeting on August 3.

However, oil prices have also been pressured by news about the US tariff plan. Although US officials have said they may delay the implementation of higher tariffs, the lack of clarity on details has investors worried about the possibility of a decline in demand due to the economic impact. “Worries about US tax policy will continue to dominate the market in the second half of 2025, but the weakening of the US dollar is supporting oil prices,” commented expert Priyanka Sachdeva of Phillip Nova.

Domestic gasoline prices have dropped sharply and will start to increase from this week.

Gasoline prices have been adjusted down sharply according to the announcement of the Ministry of Industry and Trade - Ministry of Finance.

In the domestic market, from 3:00 pm on July 3, 2025, gasoline prices were adjusted down sharply according to the announcement of the Ministry of Industry and Trade - Ministry of Finance. specifically, RON 95-III gasoline decreased by VND 1,210, down to VND 19,900/liter, while E5 RON 92 gasoline decreased by VND 1,090, down to VND 19,440/liter, equal to the price at the beginning of June. Oil products also decreased by VND 930-1,150/liter, with diesel at VND 18,400/liter, kerosene at VND 18,130/liter, and fuel oil at VND 15,800/liter. However, domestic gasoline prices will start to increase from this week.

This is the second consecutive price reduction of RON 95 gasoline after 5 previous increases, bringing the price to the lowest level in 4 years, equivalent to June 2021. Since the beginning of 2025, RON 95 gasoline has increased 15 times, decreased 13 times, while diesel increased 14 times, decreased 13 times and remained the same time.

During this management period, the joint ministries did not allocate or use the Petroleum Price Stabilization Fund. Factors affecting world petroleum prices include OPEC+'s decision to increase production, Iran's announcement to suspend cooperation with the IAEA, increased US crude oil reserves, and the Russia-Ukraine conflict. The average price of finished petroleum products in the world between the two management periods was 77,826 USD/barrel (RON 92 gasoline), 79,622 USD/barrel (RON 95 gasoline), 84,578 USD/barrel (kerosene), 86,932 USD/barrel (diesel), and 420,764 USD/ton (fuel oil).

VAT reduction supports consumers

From July 1, 2025, the value added tax (VAT) on gasoline will be reduced from 10% to 8% according to the Resolution of the National Assembly. The Ministry of Industry and Trade said that domestic gasoline prices in the first 6 months of 2025 will remain lower than the same period in 2024 and previous years, contributing to reducing input costs for production and business and supporting the goal of controlling inflation.

With the unpredictable fluctuations of the world oil market, domestic oil prices are expected to continue to be affected by geopolitical factors, tariff policies, and OPEC+ production decisions in the coming time.

Source: https://baodanang.vn/gasoline-price-dau-ngay-07-08-2025-tang-manh-du-nguon-cung-duoc-mo-rong-3265219.html