Domestic fuel prices today, February 12, 2024

In the domestic market, the selling prices of gasoline and diesel fuel today, February 12th, are applied according to the prices set in the price adjustment session on the afternoon of February 8th by the inter-ministerial committee of Finance and Industry and Trade.

Accordingly, retail gasoline prices have all been adjusted downwards. Notably, the price of RON 95 gasoline has dropped sharply, to 23,000 VND/liter.

Specifically, the price of E5 gasoline has dropped to 22,120 VND/liter. The price of RON 95 gasoline has decreased to 23,260 VND/liter.

Diesel prices have fallen to 20,700 VND/liter. Meanwhile, kerosene retail prices have decreased to 20,580 VND/liter.

Today's retail prices for gasoline and diesel:

Item Price from February 8 (unit: VND/liter) Compared to the previous period
RON 95-III gasoline 23,260 - 900
E5 RON 92-II gasoline 22,120 - 790
Diesel 20,700 - 290
Oil 20,580 - 340

World oil prices today, February 12, 2024

On the world market, gasoline and oil prices fell slightly today, February 12th, after rising sharply last week.

According to data from Oilprice, at 9:31 AM on February 12th (Vietnam time), Brent crude oil was trading at $81.82 per barrel, down $0.37, or 0.45%, from the previous session. WTI crude oil was trading at $76.45 per barrel, down $0.39, or 0.51%, from the previous session.

Last week, global oil prices reversed course and rose sharply after a deep decline the previous week.

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Fuel prices are trending upwards (Photo: Reuters)

World oil prices rose in all trading sessions last week. The escalating conflict in the Middle East was the main factor driving the sharp increase in oil prices this past week.

Oil prices rose nearly 1% in the very first trading session of the week. The price increase was driven by concerns that escalating tensions in the Middle East and Russia's military campaign in Ukraine could restrict global supply.

On the second trading day, oil prices continued to rise slightly. The price increase followed the US Department of Energy's announcement that crude oil production would increase less than expected. Limiting the gains during the session was data from the American Petroleum Institute showing that US crude oil inventories increased by only 674,000 barrels in the week ending February 2nd, significantly less than analysts' predictions of an increase of approximately 2.1 million barrels.

In the third trading session of the week, oil prices rose by nearly 1%. This was supported by a larger-than-expected drop in US fuel inventories and continued escalating tensions in the Middle East.

Oil prices continued their upward trend in the fourth trading session of the week, rising by more than 3%.

Oil prices surged amid concerns about escalating conflict in the Middle East after Israeli Prime Minister Benjamin Netanyahu rejected Hamas's offer of a ceasefire and the release of hostages held in the Gaza Strip. Israeli forces even bombed the city of Rafah on the southern Gaza border after Netanyahu refused the proposal to end the conflict.

By the final trading session of the week, oil prices had risen by nearly 1%. Concerns about supply from the Middle East following Israel's continued airstrikes on the Gaza Strip further supported the upward trend in oil prices during this session.

Overall, world oil prices rose by more than 6% over the past week, reversing the sharp decline of the previous week.

At the close of last week, Brent crude oil settled at $82.19 per barrel, while WTI crude oil ended the week at $76.84 per barrel.

Oil prices continue to rise today, February 10, 2024. Oil prices on the international market continue to climb, heading towards the $82/barrel mark. The increase in oil prices is supported by several factors.