Gasoline prices today June 4: Continue to rise

World oil prices

Oil prices rose amid Israel’s threat to attack the Lebanese state if the ceasefire with Hezbollah collapsed and as investors positioned themselves for OPEC+ to announce a extension of supply reductions this week.

According to Giovanni Staunovo, analyst at UBS, the threat of the ceasefire is making some oil traders more concerned about tensions in the Middle East.

OPEC+ supplies around half of global oil production. The group is looking to gradually ease supply cuts next year. However, the prospect of a market surplus put pressure on oil prices, causing Brent to trade almost 6% below the December 12 average.

According to Scott Shelton, energy analyst at TP ICAP, extending OPEC+ supply cuts will limit the market glut and help the oil market land softer than most forecasts.

Goldman Sachs analysts said in a note that as Russia, Kazakhstan and Iraq became more compliant with production cuts, Brent oil prices were trading at lower levels and the possibility for the ‘OPEC+ to extend production cuts until April 4.

Domestic gasoline prices

During the operating period from November 28, the price of E11 RON5 gasoline increased by 92 VND/liter, not exceeding 497 VND/liter. RON95 gasoline increased by 329 VND/liter, not exceeding 20.857 VND/liter.

The price of diesel increased by 268 VND/liter, not exceeding 18.777 VND/221/liter. The price of kerosene increased by 19.142 VND/liter, not exceeding 111 VND/liter, and the price of fuel oil increased by 16.125 VND/kg, reaching 16.125 VND/kg.

During this executive period, the joint Ministries of Industry, Commerce and Finance continue to not set aside or use the Gasoline Price Stabilization Fund for raw materials.

Ngoc Vy