Domestic gasoline prices today February 8, 2024
In the domestic market, retail prices of petroleum products this afternoon (February 8) will be applied according to the new price level.
According to leaders of some petroleum companies, domestic petroleum prices at today's adjustment period are likely to decrease following the trend of world petroleum prices last week.
If the regulatory agency does not influence the Petroleum Price Stabilization Fund, domestic gasoline prices could fall by VND790-900 per liter. Thus, the price of RON 95 gasoline could fall to VND23,000 per liter. Diesel prices could fall by VND360-450 per liter.
In case the Ministry of Industry and Trade - Ministry of Finance deducts from the Stabilization Fund, gasoline prices may decrease less.
In the most recent petrol price adjustment (February 1), petrol prices were adjusted up. Of which, the price of RON 95 petrol increased by more than VND24,000/liter.
Specifically, the price of E5 gasoline increased by 740 VND/liter, the selling price is 22,910 VND/liter. The price of RON 95 gasoline increased by 760 VND/liter, the selling price increased to 24,160 VND/liter.
Diesel price increased by 620 VND/liter, retail price is 20,990 VND/liter. Kerosene price increased by 380 VND/liter, retail price is 20,920 VND/liter.
World oil prices today February 8, 2024
On the world market, gasoline and oil prices today, February 8, continued their upward trend since the beginning of the week. Oil prices are approaching the 80 USD/barrel mark.
Data from Oilprice shows that at 8:49 a.m. on February 8 (Vietnam time), Brent crude oil was trading at $79.44 per barrel, up $0.23, or 0.29%, from the previous session. WTI crude oil was at $74.07 per barrel, up $0.21, or 0.28%, from the previous session.
On February 6, international oil prices continued to increase following the upward trend from the beginning of the week.
According to data from Oilprice, at 7:29 p.m. on February 7 (Vietnam time), Brent crude oil was trading at $79.24 per barrel, up $0.65, or 0.83%, from the previous session. WTI crude oil was at $73.95 per barrel, up $0.64, or 0.87%, from the previous session.
Oil prices continued to rise after data showed crude oil inventories in the United States, the world's largest oil producer, rose less than expected.
Data from the American Petroleum Institute showed that US crude inventories rose by 670,000 barrels in the week ended February 2, lower than the 1.9 million barrel increase that analysts had forecast.
Along with that, US crude oil production may increase less than forecast, also supporting oil prices.
In the short-term energy outlook report recently released by the US Department of Energy, the agency said that this year, US production will increase by 170,000 barrels/day, down from the previous forecast of 290,000 barrels/day.
Meanwhile, traders are closely monitoring the situation in the Middle East, especially attacks on cargo ships by Houthi forces in the Red Sea.
Investor sentiment also turned more cautious as the market waited to see whether top US diplomat Antony Blinken's Middle East trip would yield results in ending the war in the Gaza Strip.
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