Just decreased and has increased again

According to Dan Viet’s latest update, February 21 gasoline prices in the world at 7:03 a.m. (Vietnam time), specifically as follows:

WTI crude oil price increased to 77,255 USD/barrel, equivalent to an increase of 0.28%; Brent oil price decreased to 82,516 USD/barrel, equivalent to an increase of 0.21% compared to the previous trading session. Compared to last month, crude oil prices increased by 3.49%, Brent oil prices increased by 3.04%.

Gasoline prices today February 21 in the world increased. Tradingeconomics photo.

Gasoline prices today February 21: Just decreased but have increased again - Photo 2.

Information about gasoline prices on February 21. Tradingeconomics photo.

Brent crude oil futures traded at $82/barrel amid concerns about persistent high interest rates affecting market sentiment, despite signs of a tightening spot oil market.

Geopolitical tensions in the Middle East, including the Israel-Hamas conflict, have added some risk premium to crude oil futures contracts. However, worries about global oil demand, exacerbated by an International Energy Agency (IEA) report predicting lower growth due to a shift to renewable energy, have outweigh these geopolitical factors.

OPEC+ faces challenges such as Iraq’s potential overproduction and ongoing tensions in the Red Sea ahead of a March decision on whether to extend production cuts into the second quarter.

Domestic gasoline prices today February 21: Stable

In the latest adjustment, the Ministry of Industry and Trade – Ministry of Finance decided to increase the domestic retail price of gasoline specifically as follows:

In the 5th upward adjustment in 2024, the Ministry of Industry and Trade – Ministry of Finance decided not to set aside the Fund and not to use the Fund for all petroleum products.

Right before the Lunar New Year of Giap Thin, gasoline prices fell from 790 VND to nearly 900 VND/liter, and oil prices decreased by nearly 300 VND/liter.

Specifically, the price of E5 RON 92 gasoline decreased by 793 VND, the retail price is 22,120 VND/liter, 1,142 VND/liter lower than RON95-III gasoline. RON 95 gasoline price decreased by 898 VND/liter, retail price at 23,260 VND/liter from 3:00 p.m. on February 8; Diesel reduced by 292 VND/liter, retail price 20,707 VND/liter; kerosene reduced by 335 VND/liter compared to the current price, the retail price is not higher than 20,588 VND/liter; Fuel oil reduced by 490 VND/kg, retail price nearly 15,600 VND/liter.

Regarding spending and setting up the Petroleum Price Stabilization Fund, the Ministry of Industry and Trade – Ministry of Finance decided to set aside the BOG Petroleum Fund for 180CST 3.5S fuel oil at 300 VND/kg, not setting aside the BOG Fund for other items. E5RON92 gasoline, RON95-III gasoline, 0.05S diesel oil and kerosene. Do not use the Gasoline Price Stabilization Fund for E5RON92 gasoline, RON95-III gasoline, diesel oil, kerosene oil and 180CST 3.5S fuel oil.

In other developments, at the working conference with the Committee for Management of State Capital at Enterprises and 19 affiliated corporations and corporations on implementing production and business in 2024 and promoting investment for economic development. – society. According to the report of the Committee for Management of State Capital at Enterprises, 19 groups and corporations whose owners are represented by the Committee have basically maintained production and business results in 2023, of which most Completed and exceeded plans in terms of revenue, pre-tax profit, and payment to the State budget; Profits and budget payments are higher than in 2022, making an important contribution to the overall socio-economic development results of the country.

Gasoline prices today February 21: Just decreased but have increased again - Photo 3.

Gasoline prices today, February 21, in the country have increased. Photo by Khai Pham.

Vietnam Petroleum Group – Petrolimex said that 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 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 zone 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.

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