According to a survey at 9:50 a.m. on April 8 (Vietnam time), WTI oil price increased by 0.75 USD/barrel (up 1.24%), to 61.45 USD/barrel. Brent oil price increased by 0.76 USD/barrel (up 1.18%), to 64.97 USD/barrel.
Oil prices rose more than 1% on Tuesday, recovering from a strong sell-off in recent sessions. This recovery comes amid concerns that US tariffs could reduce demand and lead to a global recession.
On Monday, oil prices fell 2%, nearing a four-year low, due to concerns that US President Donald Trump's latest trade tax policy could push the global economy into recession and reduce energy demand. However, the market predicts that there may be a limit to oil price decline.
Trump believes that the tariffs - a minimum of 10% for all imported goods into the US, with a target of up to 50% - will help restore US industrial facilities that he believes have been degraded by decades of trade liberalism.
While many countries are seeking exemptions or at least reductions in tariffs, some countries, including China, have announced plans to impose mutual tariffs. President Trump has warned that he will impose more tariffs on China if Beijing does not withdraw countermeasures.
Tony Sycamore - market analyst of IG, emphasized that "If China is determined, the total tariff on the country's imported goods to the US could increase to 104%. This is likely to lead to further decline in risk sentiment, a sharp decline in the global stock market, and accelerate the downward process of the global economy".
Domestic, representing a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current developments, it is forecasted that in the next price management period, retail prices of gasoline may decrease.
In particular, RON 95 gasoline price may decrease by about 1,000-1,400 VND/liter; E5 gasoline may decrease by about 900-1,200 VND/liter; Diesel oil decrease by about 700-1,000 VND/liter.
Domestic retail gasoline prices on April 8, 2025 will be applied according to the adjustment session from 3:00 p.m. on January 3 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 3, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND 20,373/liter (up VND 341/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND 20,919/liter (up VND 495/liter).
Prices of oil products have also increased simultaneously. Of which, diesel 0.05S is priced at VND18,478/liter (up VND261/liter); kerosene has a new price of VND18,735/liter (up VND11/liter); mazut is priced at VND17,026/kg (up VND124/kg).
