Sharp increase due to tensions in the Middle East

According to Dan Viet’s latest update, February 14 gasoline prices in the world at 6:53 a.m. (Vietnam time), specifically as follows:

WTI crude oil price increased to 77,813 USD/barrel, equivalent to an increase of 1.16%; Brent oil price increased to 82,524 USD/barrel, equivalent to an increase of 0.64% compared to the previous trading session. Compared to last month, crude oil prices increased by 7.49%, Brent oil prices increased by 5.60%.

Gasoline prices today February 14 in the world increased. Tradingeconomics photo.

Gasoline prices today February 14: Sharp increase due to tensions in the Middle East - Photo 2.

Information about gasoline prices on February 14. Tradingeconomics photo.

Brent crude oil futures rose to $83/barrel, near a two-week high, as tensions in the Middle East continued to support oil prices. Israeli air strikes on the Gaza city of Rafah, after Israeli Prime Minister Benjamin Netanyahu rejected a proposed ceasefire, have increased geopolitical concerns.

However, diplomatic discussions in Beirut indicate potential progress in easing tensions between Israel and Hamas. Additionally, Saudi state oil company Aramco has begun trading WTI, which underpins the global Brent benchmark.

Meanwhile, OPEC maintained its forecast for strong global oil demand growth in 2024 and 2025, and raised its economic growth forecast in those years, citing additional price upside potential. Furthermore, the report also noted that OPEC’s oil production decreased by 350,000 barrels/day in January, after the OPEC+ alliance implemented a new voluntary production cut in the first quarter.

Domestic gasoline prices today February 14: Stable

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

In the downward adjustment after 4 increases, 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 to set aside the BOG fund for gasoline products. E5RON92, RON95-III gasoline, 0.05S diesel 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.

Previously, the Ministry of Industry and Trade announced the time to adjust gasoline prices in the vicinity of the Lunar New Year 2024, according to which the adjustment of gasoline prices will still be carried out on Thursday, February 8 (the 29th day of the 2024 Quarter). Crown).

In the two most recent adjustment sessions, at 3:00 p.m. on February 1, gasoline prices increased simultaneously, with the highest increase of nearly 800 VND/liter. Specifically, E5 RON 92 gasoline increased by 740 VND/liter from 3:00 p.m. today, retail price at 22,910 VND/liter; RON 95 gasoline increased by 760 VND/liter, retail price on the market was 24,160 VND/liter, all types of oil also increased sharply, increasing from 380-620 VND/liter, kg depending on type, of which diesel increased by 620 VND, up to 20,990 VND/liter.

During the regular adjustment session at 15:00 on January 25, 2024 of the Ministry of Industry and Trade – Ministry of Finance, petroleum products increased simultaneously to nearly 1,000 VND/liter.

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 14: Sharp increase due to tensions in the Middle East - Photo 4.

Gasoline prices today, February 14, in the country have decreased. 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 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.

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