Gasoline and diesel prices today, August 27, 2024: Continuing to rise.
Gasoline and diesel prices today, August 27, 2024: Continuing to rise due to concerns that the Libyan government in the east will shut down all oil fields.
World oil prices today, August 27th
This morning, August 27th, world oil prices rose significantly due to the temporary shutdown of oil fields in Libya and low oil inventories at Cushing, Oklahoma, USA, raising concerns about oil supply.
At 7:00 AM Vietnam time, Brent crude oil prices reached $81.43 per barrel, while Texas WTI crude oil prices reached $77.16 per barrel, both up more than 3% from the previous trading session.
Dennis Kissler from BOK Financial believes that tensions in the Middle East, the halt in oil production in Libya, and low oil inventories in the US are the main reasons driving up oil prices.
According to Reuters on August 26, the eastern Libyan authorities have decided to close oil fields, halting production and exports, but the Libyan National Oil Corporation (NOC) has not confirmed this information.
Waha Oil, a subsidiary of NOC, plans to gradually reduce production and has warned of the possibility of a complete shutdown in Libya due to protests and pressure. Sirte Oil also announced plans to partially cut production.
OPEC said Libya's oil production in July was approximately 1.18 million barrels per day.
Giovanni Staunovo, an analyst from UBS, warned that Libya's oil production could fall from 1 million barrels per day to zero due to political instability.
In the Middle East, most of Hezbollah's missile attacks, supported by Iran, have been intercepted by Israel through strikes in southern Lebanon.
Domestic fuel prices today, August 27th
On August 22nd, fuel prices were adjusted downwards in line with international market trends.
The Ministry of Finance and the Ministry of Industry and Trade have decided not to use the Price Stabilization Fund to adjust gasoline and diesel prices this time.
The new prices for consumer fuel are as follows:
- E5RON92 gasoline: reduced by 458 VND per liter, maximum price 20,424 VND per liter.
- RON95-III gasoline: reduced by 535 VND per liter, maximum price 21,317 VND per liter.
- Diesel fuel 0.05S: reduced by 454 VND per liter, maximum price 18,776 VND per liter.
- Kerosene: reduced by 423 VND per liter, maximum price 19,149 VND per liter.
- Fuel oil 180CST 3.5S: reduced by 489 VND per kg, maximum price 15,756 VND per kg.
