Petrol price today March 22, 2021: A sharp drop as investors take profits

On March 22, crude oil contracts simultaneously fell. WTI light sweet crude oil dropped more than 1%, down to 60.7 USD/barrel, Brent oil also fell by the same level, trading at 63.8 USD/barrel.

Thus, the closing session of the week with a strong increase of more than 2% did not create a gain for the market in the context of many concerns about weak consumption and the risk of new disease outbreaks in European countries. According to MarketWatch, the decline in oil prices over the past week has ended a bullish trend in the market over the past 4 months. From October 2020 until now, the crude oil market has always fluctuated according to the sacrifice pattern before and after important meetings of the Organization of the Petroleum Exporting Countries (OPEC) and economic relief packages of other countries. However, the flood of information about the risk of a third wave of Covid-19 epidemic breaking out in Europe gave hope, the market returned to a "lazy" attitude when a series of major European countries deployed. and plan to tighten measures to prevent and combat the spread of the epidemic.

In the latest developments, Saudi Aramco's national oil corporation on March 21 announced that its net profit in 2020 decreased by 44.4%, to $ 49 billion.

In Vietnam, according to the General Statistics Office, world oil prices are on a downward trend. After many years of continuous export, from 2018 up to now, Vietnam's crude oil export output has tended to decrease sharply while import volume is increasing many times. It is forecasted that in the coming time, Vietnam's crude oil import demand will still increase for processing and use for production and consumption. Therefore, the increase and decrease in world oil prices will affect domestic production and consumption. At the same time, the change in the price of this item will lead to a certain fluctuation in the price of other commodities, as shown by the change in the consumer price index (CPI).

On March 22, according to the listed retail price of petrol and oil of Petrolimex, gasoline E5 RON92 17,722 VND/liter; gasoline RON95 18,881 VND/liter; diesel oil 14,401 VND/liter; kerosene 13,173 VND/liter; fuel oil 13,769 VND/kg…