In the world market, crude oil prices continued to increase in this morning session after climbing about 4% in the previous session, because the US banned the import of Russian oil and the UK said it would end buying Russian oil at the end of the year.

World petrol price today
The price of US WTI crude oil today rose 0.81% to $125.72/barrel at 7:07 am (Vietnam time) on March 9. Brent crude for May delivery increased 0.09% to $129.3 per barrel.

World petrol price list updated at 7:07 am on 9/3/2022

Dầu thô              Giao tháng 8/2022  Tokyo                77.500       0,94               JPY/ thùng

Crude oil prices rose about 4% in trading on Tuesday (March 9) as the United States and the United States banned imports of Russian oil and Britain said it would end purchases of Russian oil at the end of the year. The decisions are expected to further disrupt energy markets, with Russia being the world’s second-largest crude exporter. Source:  Synthesis factor.

Oil prices have risen more than 30% since Russia attacked Ukraine, with the US and other countries imposing a series of sanctions on Russia. Russia’s oil and gas exports have been isolated before the ban as traders seek to evade future sanctions.

US President Joe Biden has announced a ban on the import of oil and other energy products from Russia.

While Britain said it will phase out imports of oil and oil products from Russia gradually by the end of 2022, giving the market and businesses time to look for alternatives.

Closing the session, Brent oil futures rose 3.9% to $127.98 per barrel, while US WTI crude rose 3.6% to $123.70 per barrel.

Russia exports 7-8 million barrels of crude oil and fuels/day to global markets, according to Reuters.

European allies are not expected to join the United States in the ban, but big buyers there have shunned oil sourced from Russia.

Shell, a notable buyer of Russian crude, has faced a barrage of criticism, including from Ukraine’s foreign minister. On March 8, Shell said it would no longer buy Russian oil.

The disruption could affect other energy markets, as Russian oil and products are used to refine into other commodities.

The energy market is in the early stages of that shock wave, said Roger Diwan, vice president of financial services at S&P Global.

US Energy Secretary Jennifer Granholm said after the sanctions announcement that allies were not under pressure to embargo Russian oil.

“We’re not very dependent on Russian oil, and we don’t rely on Russian gas either. We know that our allies around the world may not be in the same position. And so we are. didn’t ask them to do so,” Mr. Granholm told  CNBC in an interview.

Matt Smith, lead oil analyst at Kpler, said that while US imports from Russia are small, the ban has caused supply to become tighter.

“This is just another escalation in a series of events that have pushed crude and product prices higher,” Smith added.

Domestic petrol price today

On the afternoon of March 1, the Inter-Ministry of Industry and Trade-Finance adjusted petrol prices. Accordingly, after reducing the amount set aside and spending for the use of the Petroleum Price Stabilization Fund, the selling prices of consumer petroleum products. popular in the market as follows:

This price is effective from 3pm on March 1.

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