Domestic gasoline prices today February 28, 2024
In the domestic market, the selling prices of gasoline and oil today, February 28, are applied according to the prices of the afternoon session on February 22. Accordingly, the retail prices of gasoline and oil were adjusted down by the Ministry of Finance and the Ministry of Industry and Trade.
Specifically, the price of E5 gasoline decreased to 22,470 VND/liter. The price of RON95 gasoline decreased to 23,590 VND/liter.
Diesel price dropped to 20,910 VND/liter. Kerosene price dropped to 20,920 VND/liter.
Retail price of gasoline today:
| Item | Price from February 22 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 23,590 | - 320 |
| Gasoline E5 RON 92-II | 22,470 | - 360 |
| Diesel | 20,910 | - 450 |
| Oil | 20,920 | - 300 |
World oil prices today February 28, 2024
On the world market, gasoline prices today, February 28, continued to increase since the beginning of the week.
In the session on February 27, oil prices continued to rise after increasing more than 1% in the previous session.
According to data from Oilprice, at 9:12 p.m. on February 27 (Vietnam time), Brent oil was trading at $82.83 per barrel, up $0.3, or 0.36%, from the previous session. WTI oil was at $78 per barrel, up $0.42, or 0.54%, from the previous session.
Oil prices are rising due to supply risks, analysts say.
Shipping lanes in the Red Sea remain threatened by attacks by Houthi forces, whose attacks on ships in the waters have raised concerns about disruption to shipping and pushed up oil prices.
In fact, recent attacks by Houthi forces on ships in the Red Sea have increased freight rates and extended shipping times.
Along with that, information that Russia banned gasoline exports also supported oil prices.
Reuters reported that on February 27, Russian Prime Minister Mikhail Mishustin approved a ban on gasoline exports for six months, starting March 1. The ban was introduced to stabilize prices and create conditions for the country's oil refineries to carry out maintenance.
In September 2023, Russia also imposed a ban on selling gasoline abroad, due to scarce domestic supplies and high fuel prices.
But in October 2023, Russia will ease its ban on diesel sales. In November 2023, it will lift its ban on gasoline. The reason is that maintaining high refining output ensures domestic supply and reduces wholesale prices.
Meanwhile, oil consumption demand is expected to gradually improve as the winter season is coming to an end.
In the US, oil inventories could start to decline in the coming weeks as refineries come back online after overhauls.
According to Reuters, Goldman Sachs Bank has just raised its forecast for the summer peak of Brent oil prices by $2 to $87/barrel due to the impact of disruptions to commercial shipping activities in the Red Sea.
Goldman Sachs also expects policymakers from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to announce an extension of oil production cuts in early March.
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