Gasoline price today August 27, 2024: Continue to rise
Oil prices today August 27, 2024: Continue to rise due to concerns that the Libyan government in the east will close all oil fields.
World oil prices today August 27
This morning, August 27, world oil prices increased significantly due to the temporary suspension of oil fields in Libya and low oil reserves in Cushing, Oklahoma, USA, raising concerns about oil supply.
At 7 a.m. Vietnam time, Brent crude oil price reached 81.43 USD per barrel, while Texas WTI crude oil price reached 77.16 USD per barrel, both increased more than 3% compared to the previous trading session.
Dennis Kissler from BOK Financial commented that the tension in the Middle East, the oil production stoppage in Libya, and low oil reserves in the US are the main reasons pushing oil prices up.
According to Reuters on August 26, the eastern Libyan government has decided to close oil fields, stop production and exports, but the Libyan National Oil Corporation (NOC) has not confirmed this information.
NOC's Waha Oil plans to gradually reduce production and warns of a possible complete shutdown in Libya due to protests and pressure. Sirte Oil Company also announced plans to partially cut production.
Libya's oil production in July was about 1.18 million barrels per day, OPEC said.
Giovanni Staunovo, an analyst from UBS, warned that Libya's oil production could fall from 1 million barrels per day to zero due to the unstable political situation.
In the Middle East, most of the Iranian-backed Hezbollah missile attacks have been stopped by Israel through strikes in southern Lebanon.
Domestic gasoline prices today August 27
On August 22, gasoline prices were adjusted down according to the international market.
The Ministry of Finance and the Ministry of Industry and Trade have decided not to use the Price Stabilization Fund to adjust gasoline prices this time.
The new prices for consumer fuel are as follows:
- E5RON92 gasoline: down 458 VND per liter, maximum price 20,424 VND per liter.
- RON95-III gasoline: down 535 VND per liter, maximum price 21,317 VND per liter.
- Diesel 0.05S: down 454 VND per liter, maximum price 18,776 VND per liter.
- Kerosene: down 423 VND per liter, maximum price 19,149 VND per liter.
- Mazut oil 180CST 3.5S: down 489 VND per kg, maximum price 15,756 VND per kg.
