Domestic gasoline prices today February 16, 2024

In the domestic market, the selling prices of gasoline and oil today, February 16, are applied according to the prices at the management session on the afternoon of February 15 of the Ministry of Finance - Industry and Trade.

Accordingly, the retail price of gasoline was adjusted up. Notably, the price of RON 95 gasoline increased sharply, approaching the mark of 24,000 VND/liter.
Specifically, the price of E5 gasoline increased by 710 VND/liter, the selling price is 22,830 VND/liter. The price of RON95 gasoline increased by 650 VND/liter, the selling price is 23,910 VND/liter.

Diesel price increased by 660 VND/liter, selling price is 21,360 VND/liter. Kerosene price increased by 640 VND/liter, selling price is 21,220 VND/liter.

World oil prices today February 16, 2024

In the world market, gasoline prices today, February 16, slightly decreased after increasing more than 1% in the previous session.

According to data from Oilprice, at 9:03 a.m. on February 16 (Vietnam time), Brent oil price was trading at 82.74 USD/barrel, down 0.12 USD, equivalent to 0.14% compared to the previous session. Meanwhile, WTI oil price was at 78.01 USD/barrel, down 0.02 USD, equivalent to 0.03% compared to the previous session.

Oil prices unexpectedly jumped more than 1% in trading on February 15 after falling in the previous session. Oil prices rose after US retail sales data fueled a sell-off in the US dollar.

At the end of the session on February 15, Brent crude futures increased by 1.5% to 82.86 USD/barrel. US WTI crude oil prices increased by 1.8% to 78.03 USD/barrel.

However, in the session on February 15, oil prices fell sharply at times, down to the 80 USD/barrel mark.

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Oil prices fell due to high US crude oil inventories (Illustration photo: Reuters)

According to data from Oilprice, at 7:05 p.m. on February 15 (Vietnam time), Brent crude oil was trading at $80.99 per barrel, down $0.61, or 0.75%, from the previous session. WTI crude oil was at $76.02 per barrel, down $0.62, or 0.81%, from the previous session.

Analysts say oil prices fell due to high crude oil inventories in the US (the world's top oil consumer).

Oil prices fell after data showed US crude inventories rose more than expected, raising concerns about demand in the world's largest economy .

The US Energy Information Administration (EIA) said that the country's crude oil reserves increased by 12 million barrels, to 439.5 million barrels in the week ended February 9, far exceeding the 2.6 million barrel increase forecast by analysts in a Reuters survey.

Meanwhile, US oil refining activity fell sharply, to its lowest level since December 2022. US crude oil refining activity last week fell 298,000 barrels per day to 14.5 million barrels per day.

Meanwhile, the operating capacity of US refineries fell by 1.8% to 80.6%, the lowest level since December 2022. This is also the fourth week in the past five weeks that US refineries have seen a decline in capacity. Analysts say US refineries are likely to continue to maintain low capacity in the near future.

Gasoline prices today February 15, 2024: World prices decrease, domestic prices are expected to increase sharply . Gasoline prices today February 15, 2024 on the world market continued to decrease following the previous session's decline. Meanwhile, domestic gasoline prices in this afternoon's management session are expected to increase quite sharply.