On the morning of July 2, gasoline prices edged up slightly, with Brent crude up 0.37 USD, or 0.6%, to 67.11 USD/barrel; while WTI crude rose 0.34 USD, or 0.5%, to 65.45 USD/barrel.
The rise in oil prices was largely driven by positive data from a survey of private businesses in China, which showed that industrial production in the country rebounded in June. In addition, Saudi Arabia is expected to raise its crude oil prices to Asian customers in August to a four-month high, further bolstering confidence in the outlook for fuel demand.
However, the rise in oil prices was restrained by the news that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will continue to increase oil production in August. Reuters reported that four countries in this group said they would increase production by 411,000 barrels/day at the meeting on July 6. If true, production from these four markets will increase by 411,000 barrels/day. Also according to Reuters, a major oil producer of OPEC+, Kazakhstan, raised oil production in June to a record high; Saudi Arabia - the world's largest oil exporter - also increased crude oil exports in June to a one-year high.
Gasoline prices are about to drop sharply. PHOTO: NHAT THINH
Today's fuel market continues to monitor information about trade agreements, reciprocal tax negotiations... between countries and the US as the July 9 deadline is approaching.
Domestically, yesterday (July 1), the value added tax applied to petroleum products was reduced by 2% according to Resolution 204 of the National Assembly . Although this time the price of gasoline was reduced by 100 - 130 VND/liter, the price of oil increased by 140 - 200 VND/liter; fuel oil decreased by about 670 VND/kg.
According to regulations, tomorrow afternoon (Thursday, July 3), domestic gasoline retail prices will still be adjusted as usual. It is forecasted that in this adjustment period, following the downward trend of world prices in the past week, domestic gasoline prices will have a sharp decrease. The estimated decrease is from 1,000 - 1,300 VND/liter/kg. Of which, RON95 gasoline prices may decrease at the highest level. If as forecasted, including the reduction in value added tax from July 1, RON95 gasoline prices this week may decrease by more than 1,400 VND/liter./.
According to Thanh Nien Newspaper
Source: https://thanhnien.vn/gia-xang-dau-hom-nay-272025-xang-trong-nuoc-se-giam-hon-1400-dong-lit-trong-tuan-nay-185250702083651505.htm
Source: https://baolongan.vn/gia-xang-dau-hom-nay-02-7-xang-trong-nuoc-se-giam-hon-1-400-dong-lit-trong-tuan-nay-a198020.html
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