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| Gasoline prices today, February 2: The world reacts to the information of Israel-Hamas, domestic trading at new prices. (Source: Dan Viet Newspaper) |
World oil prices fell 2% in the session on December 1, after news that Israel and Hamas would temporarily stop fighting, as well as the power shortage that forced a major US oil refinery to close.
Brent crude futures fell $1.85, or 2.5%, to settle at $78.70 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $2.03, or 2.7%, to $73.82 a barrel.
On the evening of February 1, the Qatari Foreign Ministry announced that Hamas had initially accepted the hostage exchange agreement proposed by Qatar and Egypt, whereby fighting in the Gaza Strip would be temporarily halted in exchange for the release of some hostages.
Tensions in the Middle East have recently increased oil prices. Attacks by Yemen’s Houthi forces on ships in the Red Sea continue, raising costs and disrupting global oil trade.
Meanwhile, on February 1, BP Plc said it was in the process of closing its 435,000 barrel/day refinery in Whiting, Indiana (USA) due to a power shortage.
At an online meeting on February 1, the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, agreed to maintain the current oil production policy.
According to Arab News, the JMMC discussed the fundamentals of the global oil market and reviewed crude oil production figures for November and December 2023. The JMMC also noted the compliance of OPEC+ member countries with the bloc's production policy.
According to a statement released after the meeting, the JMMC may convene a full OPEC+ meeting or make policy recommendations.
OPEC+ sources said the alliance is expected to decide in March 2024 whether to maintain voluntary oil production cuts of 2.2 million barrels per day.
Gasoline and oil prices have just been adjusted up by the Ministry of Industry and Trade and the Ministry of Finance from 3pm yesterday, February 1.
E5RON92 gasoline increased by 740 VND/liter, to 22,910 VND/liter; RON95-III gasoline increased by 760 VND/liter, to 24,160 VND/liter.
Oil products also increased accordingly. Specifically, diesel 0.05S is now up 620 VND/liter compared to the current retail price, up to 20,990 VND/liter; kerosene has increased by 620 VND/liter, up to 20,920 VND/liter; fuel oil 180CST 3.5S has increased to 16,080 VND/kg after increasing by 590 VND/liter.
In this adjustment, the management agency did not set aside the Price Stabilization Fund, nor did it use the fund for all petroleum products.
Specific retail prices of gasoline are as follows:
| Item | Price from 1/2 (unit: VND/liter) | Compared to previous period |
| Gasoline RON 95-III | 24,160 | + 760 |
| Gasoline E5 RON 92-II | 22,910 | + 740 |
| Diesel | 20,990 | + 620 |
| Oil | 20,920 | + 380 |
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