According to Dan Viet’s latest update, gasoline prices are 4/2 in the world at 6:40 a.m. (Vietnam time), specifically as follows:
WTI crude oil price decreased to 74.18 USD/barrel, equivalent to a decrease of 2.68%; Brent oil price decreased to 79.20 USD/barrel, equivalent to a decrease of 2.07% compared to the previous trading session. Compared to last month, crude oil prices increased by 5.40%, Brent oil prices increased by 4.36%.
Gasoline prices today, February 4, around the world decreased. Tradingeconomics photo.
Information regarding gasoline prices on February 4. Tradingeconomics photo.
Brent crude oil futures fell more than 2% to below 79 USD/barrel, reversing the previous increase. This is because traders are closely watching efforts to broker a ceasefire in the Israel-Hamas conflict. Hamas is considering a three-phase proposal for a ceasefire in Gaza and there is optimism that it might be accepted.
Previously, Brent oil was trading above 81 USD/barrel due to limited supply. The OPEC Committee affirmed that members will maintain production cuts and made no recommendations to change OPEC’s decision to reduce market output by 2.2 million barrels/day this quarter. At the same time, the demand outlook has improved.
According to EIA, global oil demand will likely increase by 2 million barrels/day in 2024, much higher than the previous forecast of 1.24 million barrels/day. In addition, the prospect of interest rate cuts in major economies and a series of stimulus measures in top crude oil importer China will also boost consumption.
Domestic gasoline prices today, February 4: Increased for the 4th time
Recently, the Ministry of Industry and Trade and the Ministry of Finance have adjusted to increase the domestic retail price of gasoline specifically as follows:
It is known that this is the fourth time domestic gasoline prices have increased since the beginning of 2024, in which the executive agency continues to not deduct or spend from the Petroleum Price Stabilization Fund for gasoline, criticizing the BOG Fund for gasoline. For fuel oil, the level is 300 VND/kg.
In the latest adjustment on February 1, 2024, the Ministry of Industry, Trade and Finance decided to set aside a Petroleum Price Stabilization Fund for fuel oil at 300 VND/kg (as in the previous period), without setting aside a Fund. BOG for gasoline, diesel and kerosene products. Regarding spending on using the BOG Petroleum Fund, the Ministry of Finance – Industry and Trade jointly decided not to spend on using the BOG Fund for all petroleum products.
Previously, at the retail price adjustment session on January 18, the Ministry of Industry and Trade and the Ministry of Finance decided to simultaneously increase prices for petroleum products, in which gasoline product E5RON92 increased by 377 VND/liter to 21,418 VND/liter; RON95-III gasoline increased by 547 VND/liter, to 22,482 VND/liter compared to the current retail price.
With oil prices, 0.05S diesel increased by 487 VND/liter, not higher than 20,194 VND/liter; Kerosene increased by 205 VND/liter to 20,536 VND/liter. In contrast, 180CST 3.5S fuel oil decreased by 307 VND/kg, down to 15,508 VND/kg compared to the current retail price).
Domestic gasoline prices increased today, February 4. Photo by Khai Pham.
Vietnam Petroleum Group – Petrolimex, for areas far from ports, far from wholesale warehouses, far from petroleum production facilities as prescribed in Clause 27, Article 1, Decree 95/2021/ND-CP dated November 1 .2021 of the Government (Petrolimex referred to as “Region 2”); The General Director of Petrolimex empowers the Directors of Petrolimex member petroleum companies to directly decide the actual selling price in the business area but must not exceed the price level of region 2 mentioned above.
The adjustment gasoline prices This time, it is implemented according to Resolution No. 30/2022/UBTVQH15 on environmental protection tax rates for gasoline, oil, and lubricants, effective from January 1, 2023 to December 31, 2023 and comes from practice. Price movements of finished petroleum products on the world market during the price calculation cycle, in accordance with the principles of determining selling prices in Decree No. 80/2023/ND-CP dated November 17, 2023 of the Government (Decree 80) on amending and supplementing a number of articles of Decree No. 95/2021/ND-CP dated November 1, 2021 and Decree No. 83/2014/ND-CP dated September 3, 2014 of the Government on gasoline business oil; according to the implementation guidance documents of the Ministry of Industry, Trade and Finance.
Petrolimex member units, when issuing gasoline retail price decisions on their distribution system, must send the issued price decisions to the Department of Industry and Trade of the province/city and the Group for reporting.
