The world reacts to the information of Israel-Hamas, domestic trading new prices

Gasoline and diesel prices today, February 2nd, recorded a decrease after news that Israel and Hamas will temporarily cease fighting. The Qatari Ministry of Foreign Affairs announced that Hamas has initially accepted a hostage release agreement proposed by Qatar and Egypt.

Giá xăng dầu hôm nay 2/2: Thế giới phản ứng với thông tin của Israel-Hamas, trong nước giao dịch mức giá mới

Gasoline and diesel prices today, February 2nd: The world reacts to the Israel-Hamas news, while domestic prices are at new levels. (Source: Dan Viet Newspaper)

World oil prices fell 2% on December 1st, following news that Israel and Hamas would temporarily halt fighting, as well as the closure of a major US refinery due to power shortages.

Brent crude futures fell $1.85, or 2.5%, to close at $78.70 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $2.03, or 2.7%, to $73.82 a barrel.

On the evening of February 1st, the Qatari Ministry of Foreign Affairs announced that Hamas had initially accepted a hostage exchange agreement proposed by Qatar and Egypt, which would temporarily halt fighting in the Gaza Strip in exchange for the release of some hostages.

Recent tensions in the Middle East have driven up oil prices. Attacks by Houthi forces in Yemen on ships in the Red Sea continue, increasing costs and disrupting global oil trade.

Meanwhile, on February 1st, BP Plc announced that it was in the process of shutting down its 435,000 barrels/day refinery in Whiting, Indiana (USA) due to power shortages.

At a virtual meeting on February 1st, the Joint Ministerial Monitoring Committee (JMMC) of the Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, agreed to maintain the current oil production policy.

According to Arab News, the JMMC discussed the fundamental principles of the global oil market and reviewed crude oil production figures for November and December 2023. The JMMC also noted the compliance of OPEC+ member countries with the bloc's production policy.

According to a statement released after the meeting, the JMMC may convene a full OPEC+ meeting or make policy recommendations.

Sources from OPEC+ indicate that the alliance is expected to decide in March 2024 whether to maintain the voluntary oil production cut of 2.2 million barrels per day.

Gasoline and diesel prices were adjusted upwards by the Ministry of Industry and Trade and the Ministry of Finance, effective from 3 PM yesterday, February 1st.

E5RON92 gasoline increased by 740 VND/liter, reaching 22,910 VND/liter; RON95-III gasoline increased by 760 VND/liter, reaching 24,160 VND/liter.

Oil products also saw price increases. Specifically, 0.05S diesel increased by 620 VND/liter compared to the current retail price, reaching 20,990 VND/liter; kerosene increased by 620 VND/liter, reaching 20,920 VND/liter; and 180CST 3.5S fuel oil increased by 590 VND/liter to 16,080 VND/kg.

In this adjustment, the regulatory agency did not make any contributions to the Price Stabilization Fund, nor did it use the fund for any petroleum products.

The specific retail prices for gasoline and diesel are as follows:

Item	Prices start from 1/2 (unit: VND/liter)	Compared to the previous period
RON 95-III gasoline	24,160	+ 760
E5 RON 92-II gasoline	22,910	+ 740
Diesel	20,990	+ 620
Oil	20,920	+ 380