Gasoline price today June 21: Turning down

Oil prices ended the week lower after a series of increases during the week. For the whole week, world crude oil increased more than 3% compared to last week.

On the morning of June 21, gasoline prices decreased, Brent oil decreased by 1.84 USD, equivalent to 2.33%, to 77 USD/barrel; WTI oil decreased by 0.21 USD, equivalent to 0.28%, to 74.93 USD/barrel.

Despite the decline, both benchmarks are still anchored at higher levels compared to last week. For the week, Brent crude rose 3.6%, while WTI crude rose 2.7%.

According to Reuters, on June 20, the administration of US President Donald Trump issued sanctions targeting 8 entities, 1 ship and 1 individual for allegedly participating in supplying sensitive machinery to Iran's defense industry. Analysts said that this sanction is not only aimed at putting pressure on the Iranian economy but also part of a negotiation strategy. "The Trump administration does that to show that they are prioritizing solving the problem through diplomatic means instead of military confrontation," an analyst commented on Reuters.

Gasoline prices have increased for 5 consecutive weeks (PHOTO: PHAM HUU)

Iran has threatened in the past to close the Strait of Hormuz in response to Western pressure. Any closure of the strait could restrict trade and affect global oil prices. However, oil exports have so far been undisrupted and supplies are plentiful. Analysts say the future direction of oil prices will depend on whether there are supply disruptions.

Currently, the risk premium for each barrel of oil related to conflict in the Middle East is $10. The current high oil price is partly due to these insurance costs.

In another development, China is said to have stockpiled crude oil in large quantities in May, reducing purchases during the high price period. According to Reuters, China has stockpiled enough crude oil to allow Chinese refineries to reduce purchases in the second half of this year. This is a factor that makes it difficult for oil prices to increase sharply in the near future because China is the world's largest oil import market.

Domestically, gasoline prices have just undergone a sharp increase on June 19. On the morning of June 21, common retail gasoline prices on the market were as follows: E5 RON92 gasoline 20,631 VND/liter; RON95-III gasoline 21,244 VND/liter; 0.05S diesel 19,156 VND/liter; kerosene 18,923 VND/liter; 180CST 3.5S fuel oil 17,643 VND/kg.

In the face of the rising world prices, updated to the end of the week, it is forecasted that domestic gasoline prices in the next week's price adjustment period may continue to increase. In particular, the increase in diesel prices will be more than 1,000 VND./.

According to Thanh Nien Newspaper

Source: https://baolongan.vn/gia-xang-dau-hom-nay-21-6-quay-dau-giam-a197424.html