Domestic fuel prices today, February 8, 2024

In the domestic market, retail prices of petroleum products will be applied according to the new rates this afternoon (February 8th).

According to the leaders of several petroleum companies, domestic gasoline and diesel prices are likely to decrease in today's adjustment period, following the trend of world gasoline and diesel prices from the previous week.

If the regulatory agency does not intervene in the Fuel Price Stabilization Fund, domestic gasoline prices could decrease by 790-900 VND/liter. Thus, the price of RON 95 gasoline could fall to 23,000 VND/liter. Diesel prices could also decrease by 360-450 VND/liter.

If the Ministry of Industry and Trade and the Ministry of Finance draw from the Price Stabilization Fund, the reduction in gasoline prices may be smaller.

In the most recent fuel price adjustment (February 1st), fuel prices were increased. Specifically, the price of RON 95 gasoline rose above 24,000 VND/liter.

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Domestic fuel prices may drop sharply in today's price adjustment (Photo: Anh Nguyen.)

Specifically, the price of E5 gasoline increased by 740 VND/liter, bringing the selling price to 22,910 VND/liter. The price of RON 95 gasoline increased by 760 VND/liter, raising the selling price to 24,160 VND/liter.

Diesel fuel prices increased by 620 VND/liter, with the retail price now at 20,990 VND/liter. Kerosene prices also increased by 380 VND/liter, with the retail price now at 20,920 VND/liter.

World oil prices today, February 8, 2024

On the world market, gasoline and oil prices today, February 8th, continued their upward trend from the beginning of the week. Oil prices are approaching the $80/barrel mark.

According to data from Oilprice, at 8:49 AM on February 8th (Vietnam time), Brent crude oil was trading at $79.44 per barrel, up $0.23, or 0.29%, from the previous session. WTI crude oil was trading at $74.07 per barrel, up $0.21, or 0.28%, from the previous session.

On February 6th, international oil prices continued their upward trend from the beginning of the week.

According to data from Oilprice, at 7:29 PM on February 7th (Vietnam time), Brent crude oil was trading at $79.24 per barrel, up $0.65, or 0.83%, from the previous session. WTI crude oil was trading at $73.95 per barrel, up $0.64, or 0.87%, from the previous session.

Gasoline and oil prices continued to rise after data showed that US crude oil inventories, from the world's largest oil producer, increased less than expected.

Data from the American Petroleum Institute shows that US crude oil inventories increased by 670,000 barrels in the week ending February 2nd, lower than the 1.9 million barrel increase that Reuters analysts had previously forecast.

In addition, the possibility of a smaller-than-expected increase in US crude oil production is also supporting oil prices.

In its recent short-term energy outlook report, the U.S. Department of Energy stated that U.S. production will increase by 170,000 barrels per day this year, down from its previous forecast of 290,000 barrels per day.

Meanwhile, traders are closely monitoring the situation in the Middle East, particularly the attacks on Houthi cargo ships in the Red Sea.

Investor sentiment also became more cautious as the market awaited to see whether the trip to the Middle East by top US diplomat Antony Blinken would yield results in ending the war in the Gaza Strip.

Domestic gasoline prices may drop sharply tomorrow . Domestic gasoline prices are forecast to decrease in line with world prices in tomorrow's price adjustment (February 8th). If the regulatory agency does not intervene in the Price Stabilization Fund, gasoline prices could fall by 790-900 VND/liter. Thus, the price of RON 95 gasoline could drop to around 23,000 VND/liter.