Domestic gasoline prices today February 3, 2024

In the domestic market, the selling price of gasoline and oil today, February 3, is applied according to the price of the operating session on the afternoon of February 1.

Accordingly, the retail price of gasoline and oil was adjusted up by the Ministry of Finance - Ministry of Industry and Trade. In particular, the price of RON 95 gasoline increased beyond the mark of 24,000 VND/liter.

Specifically, the price of E5 gasoline increased to 22,910 VND/liter. The price of RON 95 gasoline increased to 24,160 VND/liter.

Diesel price increased to 20,990 VND/liter. Kerosene price increased to 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 2/3/2024

On the world market, gasoline prices today, February 3, dropped quite sharply. WTI oil prices fell to 73 USD/barrel.

Data from Oilprice shows that at 9:36 a.m. on February 3 (Vietnam time), Brent crude oil was trading at $77.33 per barrel, down $1.37, or 1.74%, from the previous session. WTI crude oil was at $72.28 per barrel, down $1.54, or 2.09%, from the previous session.

On February 2, gasoline prices increased at the beginning of the session but then reversed and decreased.

According to data from Oilprice, at 8:51 p.m. on February 2 (Vietnam time), Brent crude oil was trading at $78.2 per barrel, down $0.5, or 0.62%, from the previous session. WTI crude oil was trading at $73.29 per barrel, down $0.53, or 0.72%, from the previous session.

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Gasoline prices plummet (Photo: Reuters)

Analysts say that oil prices have plummeted due to investors' cautious sentiment.

The latest move by the Organization of the Petroleum Exporting Countries and its allies (also known as OPEC+) in an online meeting on February 1 was quite lackluster, as the group's ministers did not make any policy changes.

OPEC+'s policy of maintaining the same level of policy has made investors pessimistic about the market's supply and demand factors and put pressure on prices.

However, OPEC+ is having some impact suggesting that it will cut production this quarter.

OPEC+ sources said the group will decide next month whether to extend voluntary oil production cuts into the first quarter of 2024.

OPEC output fell 490,000 barrels a day last month to 26.57 million barrels a day, a Bloomberg survey showed.

In November 2023, OPEC+ agreed to voluntarily cut production by a total of about 2.2 million barrels per day in the first quarter of 2024. Of these, Saudi Arabia made the largest voluntary oil production cut of 1 million barrels per day.

In addition, the geopolitical context also makes investors cautious. Despite some positive signals surrounding the Israel-Hamas ceasefire agreement, tensions in the Red Sea have not stopped. Houthi forces said they will continue to attack US and British warships in self-defense.

Oil prices have been under strong selling pressure in the last three trading sessions. It is likely that the pressure will continue to push oil prices down.

Gasoline prices today, February 2, 2024, maintain their upward momentum . Gasoline prices today, February 2, 2024, in the international market, maintain their upward momentum from the previous session. Meanwhile, in the domestic market, gasoline prices have been adjusted to increase sharply since yesterday afternoon.