Domestic gasoline prices today 2/2/2024

In the domestic market, the selling price of gasoline and oil today, February 2, is applied according to the price level at the management session on the afternoon of February 1 of the joint Ministry of Finance - Industry and Trade.

Accordingly, retail gasoline prices were adjusted upward. Notably, the price of RON 95 gasoline increased beyond 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.

Retail price of gasoline today:

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

World oil prices today 2/2/2024

In the world market, gasoline prices today, February 2, continued to rise from the previous session.

Data from Oilprice shows that at 9:03 a.m. on February 2 (Vietnam time), Brent crude oil was trading at $79.22 per barrel, up $0.52, or 0.68%, from the previous session. WTI crude oil was at $74.23 per barrel, up $0.41, or 0.56%, from the previous session.

On February 1, gasoline prices reversed and increased after falling more than 2% in the trading session on January 31.

According to data from Oilprice, at 8:32 p.m. on February 1 (Vietnam time), Brent oil was trading at $81.32 per barrel, up $0.77, or 0.98%, from the previous session. WTI oil was at $76.65 per barrel, up $0.8, or 1.05%, from the previous session.

petrol price 1 1301 1463 1934 1213.jpg
Oil prices continue to rise (Photo: Caspian News)

Analysts said oil prices were supported by speculation about the possibility of a rate cut this year by the US Federal Reserve (Fed).

In a speech on January 31, Fed Chairman Jerome Powell said interest rates had peaked and would decline in the coming months as inflation continued to decline and economic growth and employment remained stable. The Fed believes inflation will fall back to its 2% target.

Meanwhile, tensions in the Red Sea continue to support oil prices. The conflict in the Red Sea between the US and Houthi forces has disrupted oil and natural gas tanker shipments, driving up delivery costs and starting to impact oil supplies.

OPEC oil output in January recorded its biggest monthly decline since July 2023 due to new voluntary cuts by some members and reduced output in Libya, according to a recent Reuters survey.

The survey results showed that OPEC pumped 26.33 million barrels per day in January, down 410,000 barrels per day compared to December 2023.

Along with that, hopes for economic stimulus measures in China, the world's largest crude oil consumer, also supported oil prices.

China recently announced new real estate support measures, amid concerns about the impact of Evergrande's asset liquidation.

China remains the largest contributor to global oil demand growth this year, JPMorgan analysts said, predicting that oil demand in China could increase by 530,000 barrels per day in 2024.

Gasoline prices have increased sharply again, RON95 surpasses 24,000 VND/liter . Domestic gasoline prices today (February 1) were jointly managed by the Ministry of Industry and Trade and the Ministry of Finance in an upward direction. Notably, RON95 gasoline prices increased beyond the 24,000 VND/liter mark.