Domestic gasoline prices today February 20, 2024

In the domestic market, the selling price of gasoline and oil today, February 20, is applied according to the price of the operating session on the afternoon of February 15.

Accordingly, the retail price of gasoline and oil was adjusted up by the Ministry of Finance - Ministry of Industry and Trade. In particular, the price of RON 95 gasoline increased to nearly 24,000 VND/liter.

Specifically, the price of E5 gasoline was raised to 22,830 VND/liter. The price of RON 95 gasoline was raised to 23,910 VND/liter.

Diesel price increased to 21,360 VND/liter. Kerosene retail 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 20, 2024

In the world market, gasoline prices today, February 20, are still on a downward trend from the beginning of the week.

In the trading session on February 19, oil prices reversed downward after rising sharply last week.

According to data from Oilprice, at 7:46 p.m. on February 19 (Vietnam time), Brent crude oil was trading at $83.29 per barrel, down $0.18, or 0.22%, from the previous session. WTI crude oil was trading at $79.15 per barrel, down $0.04, or 0.05%, from the previous session.

oil price 1.jpg
Gasoline prices continue to decline (Photo: Oilprice)

Analysts say oil prices are falling because investors are concerned about demand prospects.

World oil prices rose late last week as geopolitical tensions in the Middle East continued to escalate.

However, oil prices turned lower earlier this week as investors worried about falling demand after a jump in US producer prices added to inflation worries.

Reports of higher producer prices in the US raised concerns that persistently high inflation and interest rates will curb demand growth in the world's largest oil consuming market.

Recently, the International Energy Agency (IEA) released a demand outlook report that contrasts with the Organization of the Petroleum Exporting Countries (OPEC).

The IEA forecasts global oil demand growth this year will slow to 1.22 million barrels per day, about half the growth rate in 2023, down from its previous forecast of 1.24 million barrels per day.

OPEC forecasts oil demand will increase by 2.25 million barrels per day this year and 1.85 million barrels per day next year. The agency predicts that oil demand will continue to increase over the next two decades.

Meanwhile, US Federal Reserve policymakers last Friday signaled that the market needed to be patient with interest rate cuts. Higher interest rates would increase the cost of buying oil, creating a bearish trend in the market.

Last week, world oil prices recorded their second consecutive week of increase, with Brent crude up more than 1% and WTI crude up about 3%.

Today's gasoline and oil prices on February 19, 2024 decreased slightly after a sharp increase . Today's gasoline and oil prices on February 19, 2024 on the international market decreased slightly after a sharp increase last week. Last week, world oil prices recorded another week of increase after climbing the previous week.