Gasoline price today March 2, this week, oil price continues to extend the downward trend with a greater decrease than last week.
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| Gasoline and oil prices today, March 2. This week, oil prices continued to extend their downward trend with a larger decrease than last week. (Source: Oilprice) |
Accordingly, WTI oil price decreased by 64 cents to 69.76 USD/barrel, Brent oil decreased by 1.25 USD to 73.18 USD/barrel.
According to Oilprice , the slide in oil prices was due to tariff risks and recession concerns outweighing sanctions risks from increased US pressure on Iran and Venezuela.
During the week, although there were 2 "climbing" sessions, red still clung to oil prices.
Oil prices edged up as much as 35 cents in early trading on Monday as new US sanctions on Iran and a pledge to offset Iraq's overproduction raised concerns about short-term supply shortages.
Oil prices unexpectedly plunged about 2% to a two-month low on Monday. Oil prices were hit by data showing that U.S. consumer confidence fell the most in 3.5 years in February, 12-month inflation expectations jumped and Germany's GDP contracted 0.2% in 2024, marking the second straight year of recession. This raised concerns about slowing energy demand. In addition, there were signs that oil production in some countries such as Iraq and Nigeria was on the rise.
Oil prices extended their decline by nearly 50 cents into a third session on a surprise rise in U.S. gasoline and distillate inventories, the prospect of a peace deal between Russia and Ukraine, and pressure from the Trump administration on Iraq to restart its oil pipeline to Türkiye.
Oil prices “slipped” a hat-trick of daily declines in the fourth trading session. In this session, concerns about supply shortages after the US President revoked the operating license in Venezuela granted to the US Chevron Corporation and information that OPEC+ is debating whether to increase oil production in April as planned or freeze this production supported oil prices to accelerate more than 2%.
Also in the session, Mr. Trump said the proposed tariffs - which had been postponed for a month - on Canada and Mexico would take effect on March 4.
Oil prices lost about half of the previous session’s gains in the final trading session of the week as the market focused on a heated debate between the US and Ukrainian presidents over a ceasefire in the Russia-Ukraine conflict and Iraq’s decision to resume oil exports from the Kurdish region.
Oilprice said that with the weekly decline, oil prices recorded their first monthly decline since November 2024.
Domestic retail prices of gasoline on March 2 are as follows:
E5 RON 92 gasoline is not more than 20,658 VND/liter. RON 95-III gasoline is not more than 21,112 VND/liter. Diesel oil not more than 18,957 VND/liter. Kerosene not more than 19,335 VND/liter. Fuel oil not exceeding 17,615 VND/kg. |
The above domestic retail price of gasoline was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of February 27.
Due to the decrease in world oil prices last week and in recent trading sessions, domestic oil prices also decreased. E5 RON 92 gasoline price decreased by 197 VND/liter, RON 95-III gasoline decreased by 19 VND/liter, kerosene decreased by 178 VND/liter, diesel decreased by 106 VND/liter. Only fuel oil increased by 19 VND/kg.
In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95-III gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-23-noi-dai-da-giam-306132.html
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