Gold price on March 11 decreased due to profit-taking activities contrary to safe-haven demand
11-03-2025
World gasoline and oil prices today, March 7, continued to decrease slightly, with WTI oil at 66.13 USD/barrel and Brent oil at 69.17 USD/barrel. Domestically, gasoline prices fell sharply from 697 – 710 VND/liter, diesel, kerosene and fuel oil also decreased in price.
World gasoline and oil prices today, March 7
According to Oilprice, world gasoline and oil prices in the early morning of March 7, 2025 (Vietnam time) continued to decrease slightly:
WTI oil: 66.13 USD/barrel, down 0.32% (equivalent to 0.21 USD/barrel).
Brent oil: 69.17 USD/barrel, down 0.04% (equivalent to 0.03 USD/barrel).
Although oil prices have recovered slightly from multi-year lows, they have yet to surpass the $70/barrel threshold. Factors affecting the crude oil market include:
US tariff policies against Canada, Mexico and China, affecting oil supply.
OPEC+’s plan to increase production for the first time since 2022, increasing crude oil supply.
US crude oil inventories increased more than expected, indicating slowing energy demand.
Crude oil market faces double pressure
According to John Evans (PVM), US President Donald Trump’s policies could negatively impact oil prices, as the administration is looking to maintain low fuel prices to support the economy.
New US tariffs on goods imported from Canada and Mexico, especially crude oil and gasoline, are also creating pressure on the global energy market. Meanwhile, the OPEC+ group has decided to increase oil production for the first time in more than 2 years, raising concerns about oversupply.
However, the US may consider exempting tariffs on crude oil imported from Canada, to minimize negative impacts on the domestic market.
Domestic gasoline prices drop sharply
At the 3:00 p.m. adjustment on March 6, 2025, the Ministry of Finance – Industry and Trade sharply reduced domestic gasoline retail prices:
E5 RON 92 gasoline: VND 19,961/liter, down VND 697/liter.
RON 95 gasoline: VND 20,402/liter, down VND 710/liter.
Diesel 0.05S: VND 18,333/liter, down VND 624/liter.
Kerosene: VND 18,573/liter, down VND 762/liter.
Mazut 180CST 3.5S: VND 17,150/kg, down VND 465/kg.
This is the fourth price reduction since the beginning of 2025, bringing gasoline prices to the lowest level since December 2024.
Reasons for sharp decline in domestic gasoline prices
World oil prices fall
Brent oil prices have fallen below USD 70/barrel due to new US tariff policies.
US oil reserves have increased sharply, reflecting slowing consumption demand.
OPEC+ has increased production, causing the market to worry about excess supply.
Domestic gasoline market cools down
Domestic gasoline consumption demand has decreased compared to the period after Tet.
Pressure from stable supply, with imports sufficient to meet domestic demand.
The State’s flexible price management policy helps stabilize the market and control inflation.
Developments in the petroleum market in the coming time
Domestic petroleum prices may continue to decrease if world oil prices do not recover.
The tariff situation between the US and oil exporting countries remains an important factor determining global oil price trends.
OPEC+ may adjust production plans if oil prices continue to fall sharply.
Domestic operators continue to closely monitor market developments to make appropriate adjustments to stabilize petroleum prices.
