World oil prices today
World oil prices fell sharply today. At 10:39, WTI crude oil was at 75.72 USD/barrel, down 0.11 USD/barrel, or 0.15%. WTI crude oil closed the previous trading session at 75.83 USD/barrel, opening today's session at 75.91 USD/barrel.
Brent crude oil was at 79.28 USD/barrel, down 0.01 USD/barrel, or 0.01 percent. Brent crude oil closed the previous session at 79.29 USD/barrel and opened today at 79.42 USD/barrel.
Thus, world oil prices are on a sharp decline. At the close of trading yesterday (January 21), both WTI and Brent crude oil fell 2.6% and 1.1%, respectively. The decline continued this morning.
According to Reuters, the oil market is expected to be oversupplied this year due to weak economic activity and energy transition efforts that have strongly impacted oil demand in the US and China - the world's two largest oil consuming countries.
The US Energy Information Administration (EIA) on January 21 continued to predict that oil prices will fall both this year and next. EIA economists said that strong global growth in oil and other liquids production, along with slowing demand growth, has created downward pressure on prices.
Also limiting the decline in oil prices was the news that the Trump administration might stop buying oil from Venezuela. The US is currently the second largest buyer of Venezuelan oil after China. President Trump also pledged to add more oil to the strategic reserve.
Domestic gasoline prices today
On January 22, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of January 16, 2025. Accordingly, the price of gasoline and oil products increased simultaneously.
The price of E5 RON 92 gasoline increased by 319 VND/liter, RON 95-III gasoline increased by 201 VND/liter, diesel increased by 539 VND/liter, kerosene increased by 462 VND/liter. Notably, Mazut oil increased by 999 VND/kg.
Gasoline discount today
Discount prices of petroleum products today, January 22, at some domestic petroleum businesses are as follows:
Hoang Trong General Trading Company Limited: Diesel 0.05S - II: 1,250 VND/liter, applied at Hai Linh warehouse, Hai Phong; RON 95 - III gasoline: 1,250 VND/liter, applied at Hai Linh warehouse, Hai Phong; Diesel 0.05S - II: 1,100 VND/liter, applied at Bac Ninh warehouse; RON 95 - III gasoline: 1,100 VND/liter, applied at Bac Ninh warehouse; E5 gasoline: 1,200 VND/liter at Dinh Vu warehouse, Petec.
Tu Luc Petroleum: Discount on Diesel 0.05S-II: 1,200 VND/liter; Diesel 0.001S-V: 1,100; RON 95 - III gasoline: 1,200 VND/liter; E5 gasoline: 1,200 VND/liter.
MIPEC Gasoline: Discount on RON 95 - III gasoline: 700 VND/liter; E5 gasoline: 600 VND/liter; Diesel 0.05S-II: 700 VND/liter. Applicable to the Northern region.
Forecast of domestic gasoline prices next period
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, petroleum prices may have opposite adjustments.
Accordingly, the price of E5 RON 92 gasoline is forecast to decrease by 130 VND/liter; RON 95-III gasoline will decrease by 50-100 VND/liter; and Diesel oil will increase by 440-470 VND/liter.
Today's gasoline prices are for reference only and may change according to market conditions without prior notice. Readers should consider carefully when using the information in this newsletter.
See more articles about gasoline prices HERE.
