Gasoline price today August 8, at the end of the trading session on August 7, oil price increased by more than 2%. Domestically, will gasoline price decrease for the 5th consecutive time?

Oil prices recovered from multi-month lows after data showed U.S. crude inventories fell more than expected.

Brent crude rose $1.85, or 2.42 percent, to $78.33 a barrel. WTI crude rose $2.03, or 2.77 percent, to $75.23 a barrel.

Reuters cited data from the US Energy Information Administration (EIA) as saying that in the week to August 2, US oil inventories fell by 3.7 million barrels to 429.3 million barrels, the sixth consecutive weekly decline and more than five times the 700,000 barrel drop expected by analysts. While US oil inventories fell, gasoline inventories unexpectedly rose by 1.3 million barrels.

Phil Flynn, an analyst at Price Futures Group, said oil demand is stronger than people thought, and supplies are tightening overall. According to Flynn, crude oil supplies are currently lower than average for the year.

The EIA data contrasts with data from the American Petroleum Institute, which reported that U.S. crude and gasoline inventories rose by 180,000 barrels and 3.31 million barrels, respectively.

On the supply side, production at Libya's Sharara oil field (300,000 barrels per day) has dropped, raising concerns about a supply shortage. The Libyan National Oil Corporation has declared force majeure at the Sharara oil field, forcing it to gradually reduce production at the field due to protests.

Tensions in the Middle East also threaten supplies, with the region bracing for a possible new wave of attacks from Iran and its allies following the killing of senior members of Hamas and Hezbollah last week.

On the maritime front, Houthi forces have targeted a container ship in the Red Sea and two US destroyers in the Gulf of Aden. The attacks on ships passing through the area have forced oil tankers to take longer alternative routes.

“Any escalation in conflict in the Middle East could lead to a risk of disruption to supplies from the region,” said ANZ analyst Daniel Hynes.

On the demand side, trade data from China, the world's largest crude oil importer, showed daily crude oil imports in July fell to their lowest level since September 2022.

Domestic retail prices of gasoline on August 8 are as follows:

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade at the price management session this afternoon.

Due to the sharp drop in world oil prices last week, domestic oil prices are likely to continue their downward trend with a decrease of VND600-900/liter (kg). If forecasts are correct, domestic oil prices will decrease for the fifth consecutive time.

In the most recent adjustment, the price of E5 RON 92 gasoline decreased by VND 284/liter, RON 95-III gasoline decreased by VND 281/liter, diesel decreased by VND 316/liter, kerosene decreased by VND 231/liter, and fuel oil decreased by VND 292/kg.