World oil prices today
World oil prices simultaneously increased in the first trading session of the week. At 8:03 am (Vietnam time), WTI oil price was at 103.228 USD/barrel, up 2.26 USD/barrel, equivalent to an increase of 2.24%. WTI oil price closed the previous trading session at 101.02 USD/barrel and opened this morning's session at 101.64 USD/barrel.
Brent oil price was at 111.19 USD/barrel, up 1.93 USD/barrel, equivalent to an increase of 1.77%. Brent oil price closed the previous trading session at 109.26 USD/barrel and opened this morning's session at 110.93 USD/barrel.
According to analysts, the increase in oil prices mainly stems from geopolitical tensions in the Middle East, especially statements related to Iran, increasing concerns about the risk of disruption to global energy supplies.
Analysts believe that the market is still closely monitoring the developments of the conflict in the context that supply risks have not shown signs of cooling down. Although the ceasefire is still maintained, expectations for the early reopening of the Strait of Hormuz are gradually weakening.
The blockade of the Strait of Hormuz takes place in the context of a sharp decrease in global oil reserves. Experts believe that the world is consuming reserve oil at a rapid pace. Strategic stock discharge and demand cuts only help limit immediate shocks, while safe space is shrinking.
If the Strait of Hormuz continues to close for a long time, the oil market will become increasingly tight, the risk of refined fuel shortages increases, and oil prices may continue to face upward pressure for many weeks, even months to come.
In addition, oil prices are also supported by Ukraine's attacks on Russian oil refineries. Meanwhile, the high-level talks between the US and China have not yet made significant progress regarding the possibility of reopening the Strait of Hormuz.
Domestic gasoline prices today
On May 18, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The above-mentioned domestic retail gasoline and oil prices were adjusted by the inter-Ministry of Industry and Trade - Finance from 3:00 PM on May 14.
According to this adjustment period, gasoline and oil prices simultaneously decreased. E5RON92 gasoline decreased by 656 VND/liter, RON95 gasoline decreased by 276 VND/liter, diesel oil decreased by 268 VND/liter and mazut oil decreased by 587 VND/kg.
From the beginning of April to now, domestic gasoline and oil prices have continuously decreased. Notably, diesel oil has decreased from 49,788 VND/liter on April 3 to 27,226 VND/liter, equivalent to a decrease of 22,562 VND/liter.
Meanwhile, the price of RON95-III gasoline decreased from 26,976 VND/liter to 24,0078 VND/liter, equivalent to a decrease of 2,898 VND/liter. The price of E5RON92 gasoline also decreased by 2,304 VND/liter, to 23,124 VND/liter.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 450 VND/liter;
+ Diesel oil 0.001S-V: 600 VND/liter at Duc Giang warehouse;
+ RON 95 - III gasoline: 300 VND/liter;
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ RON 95 - III gasoline: 300 VND/liter.
+ Diesel oil 0.05S-II: 400 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.
