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Oil prices today February 28, 2025: World oil prices are on track to decline for the first month since November due to concerns about President Trump's tax-related decisions.
Gasoline price today March 1, 2025
Recorded on Oilprice at 4:00 a.m. on March 1, 2025 (Vietnam time), WTI oil price was at 69.39 USD/barrel, down 1.46% (equivalent to a decrease of 1.03 USD/barrel).
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| WTI oil price on the world market early morning March 1, 2025 (Vietnam time) |
Similarly, Brent oil price was at 73.07 USD/barrel, down 1.31% (equivalent to a decrease of 0.97 USD/barrel).
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| Brent oil price on the world market early morning March 1, 2025 (Vietnam time) |
Oil prices fell more than 1% on Friday and were headed for their first monthly decline since November, as the market braced for Washington’s tariff threats and Iraq’s decision to resume oil exports from the Kurdistan region.
Uncertainty surrounding OPEC's plans to resume production in April and ongoing talks to end the conflict in Ukraine also weighed on investor sentiment.
Brent crude futures for May delivery, which were more actively traded, fell 81 cents, or 1.1%, to $72.76 a barrel by 1410 GMT. U.S. West Texas Intermediate crude futures were at $69.55 a barrel, down 80 cents, also down 1.1%.
Brent crude futures for next month, expiring on Friday, traded at $73.10, down 94 cents. Both benchmarks are on track for their first monthly decline in three months.
Baghdad is set to announce the resumption of oil exports from the semi-autonomous Kurdistan region via the Iraq-Turkey pipeline, the Iraqi Oil Ministry said in a statement . Iraq will export 185,000 barrels per day through state oil marketing company SOMO and the volume will gradually increase.
Despite the expected announcement, eight international oil and gas companies operating in the Kurdistan region said they would not resume exports on Friday due to a lack of clarity on commercial agreements and payment guarantees for past and future exports.
“The resumption of exports raises questions about how Iraq will comply with its OPEC+ obligations, as it has been consistently overproducing,” said Harry Tchilinguirian, head of research at Onyx Capital Group. “ If OPEC+ delays the return of the 120,000 bpd of voluntary cuts that began in April, Iraq’s increase will exceed that limit.”
OPEC+ is debating whether to increase oil output in April as planned or freeze it as members struggle to predict the global supply picture, eight OPEC+ sources said.
Economists at Fitch's BMI Research unit said market participants were struggling to assess the impact of all the energy-related policy announcements made by the Trump administration this month.
US President Donald Trump said on Thursday that his proposed 25% tariffs on goods from Mexico and Canada will take effect on March 4, along with an additional 10% tariff on imports from China.
Ole Hansen, head of commodity strategy at Saxo Bank, said traders were reducing risk amid rising volatility as Trump escalated his tariff war, particularly on China, which has significantly increased concerns about global demand.
A tariff war could slow global growth, trigger inflation and thus reduce demand for crude oil.
A Reuters poll found Brent crude prices will average $74.63 a barrel in 2025, while US crude is expected to average $70.66.
Oil prices, however, rose more than 2% on Thursday as supply concerns resurfaced after Trump revoked a license granted to U.S. oil major Chevron to operate in Venezuela.
Domestic retail gasoline prices on March 1, 2025 will be applied according to the adjustment session from 3:00 p.m. on February 27 by the Ministry of Finance - Ministry of Industry and Trade.
| Item | Price (VND/liter/kg) | Difference from previous period |
| E5 RON 92 gasoline | 20,658 | -197 |
| RON 95 gasoline | 21,112 | -219 |
| Diesel | 18,957 | -106 |
| Oil | 19,335 | -178 |
| Fuel oil | 17,615 | +19 |
Specifically, the price of E5 RON 92 gasoline decreased by 197 VND/liter, down to 20,658 VND/liter; RON 95 gasoline decreased by 219 VND/liter, down to 21,112 VND/liter.
The price of 0.05S diesel decreased by VND106/liter, down to VND18,957/liter; kerosene decreased by VND178/liter, down to VND19,335/liter.
However, the price of 180CST 3.5S mazut oil increased by 19 VND/kg, to 17,615 VND/kg.
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| Gasoline prices today March 1, 2025. Photo by Dinh Tuan |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Thus, from the beginning of 2025 to now, domestic gasoline prices have undergone 9 adjustment sessions, including 3 decrease sessions, 4 increase sessions and 2 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-01032025-dang-tren-da-giam-sau-376205.html
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