World oil price loses 1 USD, domestic gasoline price may increase sharply

Specifically, Brent crude oil price decreased by 1.17 USD, equivalent to 1.4%, to 81.38 USD/barrel. US WTI oil price decreased by 1.23 USD, equivalent to 1.6%, to 76.64 USD/barrel.

Brent crude oil prices are trading at — Brent oil price is trading at 81.38 USD/barrel. Photo: screenshot

US crude oil inventories rose sharply by 12 million barrels to 439.5 million barrels last week, far exceeding analysts' expectations for an increase of 2.6 million barrels, according to the US Energy Information Administration.

Separately, crude oil refinery runs fell 298,000 barrels per day (bpd) to 14.5 million bpd last week, and refinery utilization fell 1.8 percentage points to 80.6% of total capacity.

Meanwhile, the chairman of the US House Intelligence Committee warned of a serious national security threat, which has some oil investors worried.

John Kilduff, partner at New York-based Again Capital, commented that the risk of war or terrorism outside the producing region would cause oil prices to fall because demand is expected to be affected.

Also weighing on oil markets are geopolitical factors, including conflicts in the Middle East and Russia-Ukraine, and the growing view that US interest rate cuts will start later.

Domestically, this afternoon, the retail price of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the periodic price management period. Most likely, gasoline and oil prices will increase sharply in the range of 500-700 VND/liter (kg) due to the sharp increase in world gasoline and oil prices last week.

The retail prices of domestic gasoline on February 15 are as follows: E5 RON 92 gasoline is not more than VND 22,120/liter; RON 95-III gasoline is not more than VND 23,260/liter; diesel oil is not more than VND 20,700/liter; kerosene is not more than VND 20,580/liter; mazut oil is not more than VND 15,590/kg.

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