Gasoline price today 02/01/2025: Sharp decrease this week

Oil prices today 01/02/2025: Oil prices fell this week as Brent and WTI benchmarks fell 2.1% and 2.9% respectively, marking the second consecutive week of decline.

Gasoline price today February 1, 2025

Recorded on Oilprice at 4:30 a.m. on February 1, 2025 (Vietnam time), WTI oil price was at 73.72 USD/barrel, up 1.23% (equivalent to an increase of 0.96 USD/barrel).

WTI oil price on the world market early morning February 1, 2025 (Vietnam time)

In contrast, Brent oil price was at 76.77 USD/barrel, down 0.14% (equivalent to a decrease of 0.11 USD/barrel).

Brent oil price on the world market early morning February 1, 2025 (Vietnam time)

For the week, Brent and WTI benchmarks fell 2.1% and 2.9%, respectively, marking the second consecutive weekly decline.

Trump will set out a process for Canada and Mexico to seek specific exemptions for certain imports, sources told Reuters, adding that the new tariffs would take effect on March 1.

But the White House said Saturday's deadline remained in place and there was no update on exemptions for certain imports.

Dennis Kissler, senior vice president of trading at BOK Financial, said crude oil futures remain volatile as traders await the outcome of Trump’s tariff threats. He added that Canadian crude is used by many refineries in the U.S. Midwest and supply cuts could support fuel prices.

Canada and Mexico are the two largest exporters of crude oil to the United States, but it is unclear whether oil will be included in the tariffs. Trump said Thursday that he would decide soon whether to exempt imported oil from the tariffs.

Tariffs could lead to significant cuts in US refining activity, said Energy Aspects analyst Livia Gallarati.

“Our fundamental view is that if tariffs are announced, they will include a negotiation extension and oil will likely be excluded from any tariffs eventually,” Gallarati added.

Prime Minister Justin Trudeau said Friday that Canada would respond immediately and strongly if the United States imposes tariffs, warning Canadians they could face tough times. The market is also awaiting the OPEC+ meeting scheduled for Monday.

Delegates from the OPEC+ oil producer group told Reuters that plans to gradually increase output were unlikely to change when they meet on Monday, despite Trump urging OPEC and its de facto leader Saudi Arabia to lower prices.

Meanwhile, the US oil rig count, an indicator of future output, rose by seven to 479 this week.

Domestic retail gasoline prices on February 1, 2025 will be applied according to the adjustment session from 3:00 p.m. on January 23 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	20,592	-158
RON 95 gasoline	21,142	-78
Diesel	20,194	+412
Oil	20,110	+404
Fuel oil	17,752	+571

Specifically, the price of E5 RON 92 gasoline decreased by VND158/liter, down to VND20,592/liter; RON 95 gasoline decreased by VND78/liter, down to VND21,142/liter.

Diesel 0.05S price: increased by 412 VND/liter, at 20,194 VND/liter; Kerosene increased by 404 VND/liter, at 20,110 VND/liter; Madut 180CST 3.5S increased by 571 VND/kg, at 17,752 VND/kg.

Gasoline prices today February 1, 2025. Photo by Dinh Tuan

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2025 until now, domestic gasoline prices have undergone 4 adjustment sessions, including 0 decrease sessions, 3 increase sessions and 1 opposite session.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-01022025-giam-manh-trong-tuan-371793.html