World oil prices today
World oil prices fell across the board today. WTI crude oil closed the weekend trading session at $72.53/barrel, down $0.20/barrel, or 0.27. WTI crude oil closed the previous trading session at $72.73/barrel and opened today's session at $73.17/barrel.
Brent crude oil was at $75.67 a barrel, down $0.22 a barrel, or 0.29 percent. Brent crude oil closed the previous session at $75.89 a barrel and opened today at $76.12 a barrel.
Thus, world oil prices fluctuated strongly. After increasing sharply in the previous trading session, oil prices continued to increase at the beginning of the session, then turned to decrease sharply at the end of the session.
Crude oil prices continue to be volatile due to President Donald Trump’s tariff policies, analysts say. Trump will introduce a process for Canada and Mexico to seek specific exemptions for certain imports. Canadian crude is used by many refineries in the US Midwest, so supply cuts could support fuel prices.
The market is also awaiting a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), scheduled for February 3. According to Reuters, OPEC+ is unlikely to change its plan to gradually increase production, although Mr. Trump has urged the Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia to lower prices.
Domestic gasoline prices today
On February 1, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of January 23, 2025. Accordingly, gasoline and oil products increased and decreased in opposite directions.
E5 RON 92 gasoline price decreased by 158 VND/liter, RON 95-III gasoline decreased by 78 VND/liter, Diesel increased by 412 VND/liter, kerosene increased by 404 VND/liter, Mazut increased by 571 VND/kg.
Gasoline discount today
The discount prices of petroleum products today, February 1, at some domestic petroleum businesses are as follows:
Hoang Trong General Trading Company Limited: Diesel 0.05S - II: 2,050 VND/liter, applied at Hai Linh warehouse, Hai Phong; RON 95 - III gasoline: 1,400 VND/liter, applied at Hai Linh warehouse, Hai Phong; Diesel 0.05S - II: 1,900 VND, applied at Bac Ninh warehouse; RON 95 - III gasoline: 1,250 VND/liter, applied at Bac Ninh warehouse; E5 gasoline: 1,350 VND/liter at Dinh Vu warehouse, Petec.
Tu Luc Petroleum: Discount on Diesel 0.05S-II: 1,950 VND/liter; Diesel 0.001S-V: 1,950; RON 95 - III gasoline: 1,350 VND/liter; E5 gasoline: 1,350 VND/liter.
MIPEC Gasoline: Discount on RON 95 - III gasoline: 1,250 VND/liter; E5 gasoline: 1,200 VND/liter; Diesel 0.05S-II: 2,050 VND/liter. Applicable to the Northern region.
Forecast of domestic gasoline prices next period
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the price adjustment period this afternoon, petroleum prices may decrease.
Of which, gasoline price is forecast to decrease by about 200-300 VND/liter; oil price will decrease by about 700-800 VND/liter.
Previously, the Ministry of Industry and Trade announced the adjustment of gasoline price management time during the 2025 Lunar New Year.
The announcement clearly states: “The time for managing gasoline prices is carried out every Thursday. In case the price management time coincides with the Lunar New Year holiday, it will be carried out as follows: If Thursday falls on the last day of the lunar year (29th or 30th of Lunar New Year), the gasoline price management will be carried out on the preceding Wednesday. If Thursday is the 1st, 2nd or 3rd day of Tet, the time for managing gasoline prices will be carried out on the 4th day of Tet."
With this regulation, the next gasoline price adjustment period on the 2nd day of the Lunar New Year (January 30, 2025) will be moved to Saturday, February 1, 2025 (the 4th day of the Lunar New Year).
Today's gasoline prices are for reference only and may change according to market conditions.
See more articles about gasoline prices HERE
