Reduced prices after Tet holiday

Gasoline and oil prices today February 2, 2025: In the first operating session of the lunar year At Ty 2025, domestic gasoline and oil prices decreased simultaneously.

Gasoline price today February 2, 2025

Recorded on Oilprice at 4:30 a.m. on February 2, 2025 (Vietnam time), WTI oil price was at 73.81 USD/barrel, down 0.27% (equivalent to a decrease of 0.20 USD/barrel).

WTI oil price on the world market early morning February 2, 2025 (Vietnam time)

Similarly, Brent oil price was at 76.5 USD/barrel, down 0.29% (equivalent to a decrease of 0.22 USD/barrel).

Brent oil price on the world market early morning February 2, 2025 (Vietnam time)

Last week, Brent and WTI oil prices fell 2.1% and 2.9%, respectively, marking the second consecutive weekly decline. In this context, US President Donald Trump plans to announce a process for Canada and Mexico to request tariff exemptions for some imported goods, effective March 1. However, the White House confirmed that the February 1 deadline remains the same, and there has been no update on the exemptions.

Crude oil prices remain volatile as traders monitor the impact of Trump’s tariff threats, said Dennis Kissler, vice president of BOK Financial. Canadian crude, a key feedstock for U.S. refineries, could drive up fuel prices if supplies are cut. Canada and Mexico are the two largest exporters of oil to the U.S., but it’s unclear whether crude will be included in the tariffs. Trump will decide soon on whether to exempt imported oil.

Energy Aspects analyst Livia Gallarati warned that tariffs could have a significant impact on US refining. Meanwhile, Canadian Prime Minister Justin Trudeau said he would respond strongly if the US imposed tariffs, warning Canadians of the potential hardships.

Also this week, the market is focusing on the OPEC+ meeting scheduled for February 3, with expectations that OPEC+ will stick to its plan to gradually increase production, despite pressure from Mr. Trump. At the same time, the number of US oil rigs increased by 7, to 479, indicating the possibility of oil production continuing to increase in the coming time.

Domestic retail gasoline prices on February 2, 2025 will be applied according to the adjustment session from 3:00 p.m. on February 1 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	21,000	-140
RON 95 gasoline	20,390	-200
Diesel	19,240	-950
Oil	19,430	-608
Fuel oil	17,500	-250

Specifically, the price of RON 95-III gasoline (a popular type on the market) decreased by 140 VND, to 21,000 VND per liter. E5 RON 92 also decreased by 200 VND, to 20,390 VND. Similarly, oil products decreased by 250-950 VND per liter, kg. Compared to 7 days ago, diesel oil decreased by 950 VND, to 19,240 VND. Kerosene and fuel oil have new prices of 19,430 VND and 17,500 VND, respectively.

Gasoline prices today February 2, 2025. Photo by Dinh Tuan

According to information from the Ministry of Industry and Trade, the world oil market in this operating period (from January 23, 2025 to January 31, 2025) is affected by factors such as: increased US crude oil reserves, tax policies issued by the US President for a number of countries, the upcoming OPEC+ meeting on plans to increase supply, the ongoing military conflict between Russia and Ukraine...

The above factors have caused world oil prices in recent days to increase and decrease depending on the product, but the general trend is downward.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, since the beginning of 2025, domestic gasoline prices have undergone 5 adjustment sessions, including 1 decrease, 3 increases and 1 opposite session.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-02022025-cung-giam-sau-ky-nghi-tet-371868.html