Gasoline price today July 12: Strong increase

On the morning of July 12, gasoline prices increased sharply, Brent oil increased by 1.72 USD, equivalent to 2.5%, surpassing the 70 USD mark to 70.36 USD/barrel; WTI oil price also jumped by 1.88 USD, equivalent to 2.8%, to 68.45 USD/barrel.

Thus, for the whole week, Brent oil price increased by 3%, while WTI oil price increased by about 2.2%.

The global oil market is in a state of high demand driven by the peak refining season in the summer, according to the International Energy Agency (IEA). The problem is that it is not the increase in crude oil production but the increase in refining and the increase in summer travel demand that is supporting the oil price to rise again.

Domestic gasoline prices are currently at 20,000 VND/liter. PHOTO: NHAT THINH

However, analysts say the increase is only short-term, when supply and demand stabilize again, the market will hardly be as "hot" as it is now. According to Reuters, the global benchmark Brent crude oil contract for September delivery is about $1.2 higher than the October contract. This is a signal that short-term demand is increasing sharply. Analysts also see the market beginning to realize that supply is becoming scarce.

According to the IEA's forecast, supply growth this year will increase but the demand growth outlook is uncertain. This shows the possibility that the market may shift to a state of oversupply in the medium term...

Domestically, on the morning of July 12, the common retail prices of gasoline on the market were as follows: E5 RON92 gasoline was no higher than VND19,659/liter; RON95-III gasoline was no higher than VND20,090/liter; 0.05S diesel was no higher than VND18,837/liter; kerosene was no higher than VND18,371/liter; 180CST 3.5S fuel oil was no higher than VND15,563/kg.

Regarding domestic gasoline prices, the Ministry of Finance is seeking comments on the draft Resolution of the National Assembly Standing Committee on environmental protection tax on gasoline products. It is expected that environmental protection tax will continue to be reduced by 50% next year, 2026, with gasoline (except ethanol) at VND2,000/liter; diesel, fuel oil, and lubricants at VND1,000/liter; grease at VND1,000/kg; and kerosene at VND600/liter. The draft proposal for jet fuel is VND2,000/liter instead of VND1,000/liter as at present./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-1272025-bat-tang-manh-185250712084324864.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-12-7-bat-tang-manh-a198600.html