Domestic fuel prices today, February 16, 2024

In the domestic market, the selling prices of gasoline and diesel fuel today, February 16th, are applied according to the prices set in the price adjustment session on the afternoon of February 15th by the inter- ministerial committee of Finance and Industry and Trade.

Accordingly, retail gasoline prices have been adjusted upwards. Notably, the price of RON 95 gasoline has increased sharply, reaching close to 24,000 VND/liter.
Specifically, the price of E5 gasoline increased by 710 VND/liter, bringing the selling price to 22,830 VND/liter. The price of RON95 gasoline increased by 650 VND/liter, bringing the selling price to 23,910 VND/liter.

Diesel fuel prices increased by 660 VND/liter, bringing the selling price to 21,360 VND/liter. Kerosene prices increased by 640 VND/liter, bringing the selling price to 21,220 VND/liter.

World oil prices today, February 16, 2024

On the world market, gasoline and oil prices fell slightly today, February 16th, after rising more than 1% in the previous session.

According to data from Oilprice, at 9:03 AM on February 16th (Vietnam time), Brent crude oil was trading at $82.74 per barrel, down $0.12, or 0.14%, from the previous session. WTI crude oil was trading at $78.01 per barrel, down $0.02, or 0.03%, from the previous session.

On February 15th, oil prices unexpectedly surged by more than 1% after falling in the previous session. The price increase followed strong US retail sales data that fueled a sell-off in the US dollar.

At the close of trading on February 15, Brent crude futures rose 1.5% to $82.86 per barrel. US WTI crude rose 1.8% to $78.03 per barrel.

However, during the February 15th trading session, oil prices briefly fell quite sharply, dropping to around $80 per barrel.

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Oil prices are falling due to high US crude oil inventories (Illustrative image: Reuters)

According to data from Oilprice, at 7:05 PM on February 15th (Vietnam time), Brent crude oil was trading at $80.99 per barrel, down $0.61, or 0.75%, from the previous session. WTI crude oil was trading at $76.02 per barrel, down $0.62, or 0.81%, from the previous session.

Analysts believe that the drop in oil prices is due to high crude oil inventories in the United States (the world's leading oil consumer).

Oil prices fell after data showed US crude oil inventories rose more sharply than expected, raising concerns about demand in the world's largest economy .

The U.S. Energy Information Agency (EIA) reported that U.S. crude oil inventories rose by 12 million barrels to 439.5 million barrels in the week ending February 9, far exceeding analysts' forecasts of a 2.6 million barrel increase in a Reuters survey.

Meanwhile, US refining activity has fallen sharply, to its lowest level since December 2022. US crude oil refining activity last week decreased by 298,000 barrels per day, to 14.5 million barrels per day.

Simultaneously, the operating capacity of US refineries decreased by 1.8%, falling to 80.6%, the lowest level since December 2022. This also marks the fourth week in the last five weeks to see a decline in US refinery capacity. Analysts predict that US refineries are likely to continue operating at low capacity levels in the near future.

Fuel prices today, February 15, 2024: Global prices fall, domestic prices forecast to rise sharply . Fuel prices on the world market today, February 15, 2024, continued their downward trend from the previous session. Meanwhile, domestic fuel prices are forecast to increase quite significantly in this afternoon's price adjustment.