Gasoline prices today, February 28, world gasoline prices suddenly increased due to concerns about supply shortage. Domestic gasoline prices have been adjusted to decrease.
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| Today's gasoline and oil prices, February 28, world gasoline and oil prices unexpectedly increased due to concerns about supply shortages. Domestic gasoline and oil prices have been adjusted to decrease as well. (Source: Oilprice) |
At the end of the trading session on February 27, oil prices ended the previous 2-day decline, "pocketing" more than 2%. Brent crude oil prices increased by 1.51 USD, equivalent to 2.1%, to 74.04 USD/barrel. WTI crude oil prices increased by 1.73 USD, equivalent to 2.5%, to 70.35 USD/barrel.
“The market prefers clarity to uncertainty. Unless there is a clear roadmap on tariffs and peace in Eastern Europe, oil prices will remain on the defensive with sporadic and spontaneous headline-driven rallies,” said Tamas Varga, an analyst at PVM.
Oil prices have climbed on concerns about supply shortages after US President Donald Trump revoked a license granted to US oil giant Chevron to operate in Venezuela.
The revocation of the license means the company will no longer be able to export Venezuelan crude. If Venezuela’s state oil company PDVSA exports oil that Chevron previously exported, U.S. refiners will not be able to buy it because of U.S. sanctions. The move could lead to the negotiation of a new deal between the U.S. producer and PDVSA to export crude to destinations other than the United States.
Chevron exports about 240,000 barrels of crude oil per day from its operations in Venezuela, accounting for more than a quarter of the country's total oil production.
Chevron’s exit could reduce Venezuela’s oil production, allowing OPEC+ to ramp up production, which could lead to higher procurement costs for U.S. coastal refiners, TD Cowen analysts said.
According to analysis, if OPEC+ does not increase supply, sour oil prices could increase sharply and this will affect US refineries.
Oil prices were also supported by reports that OPEC+ is debating whether to increase oil production in April as planned or freeze output as members struggle to predict the global supply picture following new US sanctions on Venezuela, Iran and Russia.
Andrew Lipow, President of Lipow Oil Associates, commented that as Brent oil prices remain hovering around $75/barrel, OPEC+ will delay increasing production until at least the end of April, or even until the end of the second quarter of 2025.
Markets also remained focused on President Trump’s efforts to broker a peace deal between Russia and Ukraine. Trump said Ukrainian President Volodymyr Zelensky would travel to Washington today to sign a rare earth minerals deal, although the Ukrainian leader said the success of the talks would depend on continued US aid.
The Bureau of Economic Analysis of the US Department of Commerce said on February 27 that GDP in the fourth quarter of 2024 is estimated to have increased at a 2.3% rate after accelerating at a 3.1% rate in the third quarter. That shows that US economic growth has slowed and this loss of momentum is likely to continue into the first quarter of 2025 due to cold weather and concerns that tariffs will affect spending due to rising prices.
Meanwhile, the number of Americans filing new claims for unemployment benefits rose by the most in five months last week, rising by 22,000 to a seasonally adjusted 242,000, according to the US Department of Labor.
Domestic retail prices of gasoline on February 28 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 prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of February 27. Due to the decrease in world gasoline and oil prices last week and in recent trading sessions, domestic gasoline and oil prices also decreased simultaneously. The price of E5 RON 92 gasoline decreased by 197 VND/liter, RON 95-III gasoline decreased by 19 VND/liter, kerosene decreased by 178 VND/liter, diesel oil decreased by 106 VND/liter. Only mazut 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-da-u-hom-nay-282-bat-ngo-leo-doc-305916.html
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