World oil prices today
World gasoline and oil prices simultaneously fell sharply. At the end of the trading session on June 16, Brent oil price decreased by 4.21 USD/barrel, equivalent to 5.1%, to 78.96 USD/barrel. WTI oil price also lost 4.70 USD/barrel, equivalent to 5.8%, to 76.05 USD/barrel.
This is the lowest closing level of Brent oil since March 2 and of WTI oil since March 4. However, compared to the time before the US-Iran conflict broke out, oil prices are still significantly higher. On February 27, Brent oil closed the session at 72.48 USD/barrel, while WTI oil was at 67.02 USD/barrel.
According to analysts, oil prices plummeted after detailed information about a peace agreement aimed at ending the conflict in the Middle East was announced. This agreement includes reopening the Strait of Hormuz and allowing Iran to resume oil exports.
Experts believe that the oil market is reacting strongly to the expectation of the Hormuz Strait being soon cleared. The first contents of the peace agreement were revealed on June 16. US President Donald Trump said the agreement would rule out Iran's ability to possess nuclear weapons. A US official also revealed that Tehran may continue to export oil under new terms.
According to published information, the agreement will extend the ceasefire for another 60 days, while creating conditions to reopen the Strait of Hormuz - a strategic transport route once blocked by Iran after the first attacks by the US and Israel on this country.
However, experts remain cautious about the possibility of implementation in practice. Sea transport and energy exports may take weeks to fully recover. The market is currently reflecting positive expectations for a peace process, while core issues such as financial compensation, sanctions and a comprehensive nuclear deal have not yet been resolved.
In addition to the Middle East factor, oil prices are also under pressure from concerns about global economic prospects. China - the world's second largest economy - continued to send weakening signals in May. The country's crude oil production decreased by 9.1% year-on-year, to the lowest level in nearly 4 years, raising concerns about energy consumption demand.
In addition, the market also expects the possibility of reaching a peace agreement between Russia and Ukraine after positive signals from the meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky. If the conflict is resolved and some sanctions are eased, Russia may increase oil exports, thereby adding more supply to the world market.
In another development, the Bank of Japan has raised interest rates to the highest level in 31 years. The high interest rate environment is believed to be able to increase borrowing costs, affecting economic growth and oil consumption demand in the near future.
Domestic gasoline prices today
On June 17, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The retail price of domestic gasoline and oil mentioned above was adjusted by the inter-Ministry of Industry and Trade - Finance from 3 pm on June 11. In which the price of E5RON92 gasoline decreased by 452 VND/liter; E10 RON95-III gasoline decreased by 270 VND/liter; diesel oil 0.05S decreased by 989 VND/liter; mazut oil 180 CST 3.5S decreased by 1,037 VND/kg.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 1,450 VND/liter;
+ Diesel oil 0.001S-V: 1. 450 VND/liter.
+ E10 RON 95-III gasoline: 1,250 VND/liter
+ E5 RON 92 - II gasoline: 1,250 VND/liter
- Hoang Trong General Trading Co., Ltd.:
+ Hai Linh Warehouse, Hai Phong: E10 gasoline: 1. 200 VND/liter.
+ Bac Ninh Warehouse: E10 gasoline: 1,050 VND/liter.
+ Nam Vinh, Petec, Dinh Vu warehouses: E10 gasoline: 1, 200 VND/liter
+ An Phat Warehouse: Diesel oil 0.05S: 1. 550 VND/liter
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 RON 95 - III gasoline: 1, 300 VND/liter.
+ Diesel oil 0.05S-II: 2. 200 VND/liter.
Domestic gasoline and oil price forecast for the next period
According to a representative of a gasoline and oil business, it is predicted that in the next price adjustment period, retail gasoline and oil prices may continue to decrease.
In which:
- E10 gasoline reduced by about 1,000 VND/liter;
- E5 RON 92 - II gasoline reduced by about 1,200 VND/liter;
- Diesel oil decreased by about 2,600 VND/liter.
Today's gasoline and oil prices are for reference only and may change according to market developments.
Refer to more articles about gasoline and oil prices HERE.
