Domestic gasoline prices today February 17, 2024
In the domestic market, the selling prices of gasoline and oil today, February 17, are applied according to the prices at the management session on the afternoon of February 15 of the Ministry of Finance - Industry and Trade.
Accordingly, the retail price of gasoline and oil was adjusted up. In particular, the price of RON 95 gasoline increased sharply, approaching the mark of 24,000 VND/liter.
Specifically, the price of E5 gasoline increased to 22,830 VND/liter. The price of RON 95 gasoline increased to 23,910 VND/liter.
Diesel price was raised to 21,360 VND/liter. Kerosene price increased to 21,220 VND/liter.
Retail price of gasoline today:
| Item | Price from February 15 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 23,910 | + 650 |
| Gasoline E5 RON 92-II | 22,830 | + 710 |
| Diesel | 21,360 | + 660 |
| Oil | 21,220 | + 640 |
World oil prices today February 17, 2024
On the world market, gasoline prices today, February 17, suddenly increased sharply, surpassing the 83 USD/barrel mark, due to escalating tensions in the Middle East.
Data from Oilprice shows that at 9:09 a.m. on February 17 (Vietnam time), Brent crude oil was trading at $83.47 per barrel, up $0.61, or 0.74%, from the previous session. WTI crude oil was at $79.19 per barrel, up $1.16, or 1.49%, from the previous session.
In the trading session on February 16, oil prices decreased slightly after unexpectedly increasing more than 1% in the previous session.
According to data from Oilprice, at 8:03 p.m. on February 16 (Vietnam time), Brent crude oil was trading at $82.08 per barrel, down $0.78, or 0.94%, from the previous session. WTI crude oil was trading at $77.41 per barrel, down $0.62, or 0.79%, from the previous session.
Oil prices fell on forecasts of slower demand this year from the International Energy Agency (IEA).
A recent report by the IEA said that global demand for “black gold” is declining, forcing the agency to cut its 2024 oil growth forecast from 1.24 million barrels/day to 1.22 million barrels/day.
Meanwhile, the IEA estimates supply will increase by 1.7 million barrels per day this year, up sharply from its previous forecast of 1.5 million barrels per day.
Along with that, oil prices were also negatively affected by a sharp increase in crude oil inventories in the US (the world's leading oil consumer) while oil refining fell to its lowest level since December 2022.
According to the US Energy Information Administration, the country's crude oil reserves increased by 12 million barrels, to 439.5 million barrels last week, far exceeding the 2.6 million barrel increase forecast by analysts in a Reuters survey.
In addition, news that the world's two largest economies have entered recession also put pressure on oil prices.
Official data released recently showed that the UK fell into recession in the second half of 2023 when GDP fell by 0.1% in the third quarter and by 0.3% in the fourth quarter.
Japan also fell into recession by the end of 2023.
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