At 8:18 PM on May 12, world oil prices continued to increase by more than 3%. Accordingly, WTI oil price was at 101.28 USD/barrel, up 3.21 USD/barrel, equivalent to an increase of 3.27%. Brent oil was at 107.65 USD/barrel, up 3.44 USD/barrel, equivalent to an increase of 3.30%.
Oil prices have risen by more than 3% as strong disagreements between the US and Iran over the proposal to end the war in the Middle East have made concerns about supply again the focus of attention.
US President Donald Trump said on Monday that the ceasefire agreement is "in critical condition", and pointed out disagreements on demands such as ending hostilities on all fronts, lifting the US naval blockade, resuming oil sales to Iran and war reparations.
Iran also emphasized its sovereignty over the Strait of Hormuz, which transports about one-fifth of global oil and liquefied natural gas.
Regarding the domestic situation in the face of the tense conflict in the Middle East, the Ministry of Industry and Trade has directed domestic oil refineries, including Nghi Son Refinery and Binh Son Refinery, to operate at maximum capacity, maintaining output at the highest possible level to ensure supply for the domestic market. At the same time, businesses will proactively adjust input material import plans, diversify supply sources, and avoid dependence on a specific region, especially the Middle East region.
In addition, market management tools will be used synchronously. The gasoline and oil price stabilization fund will be operated flexibly, capable of adjusting the amplitude of increase and decrease in the short term to limit the impact of world price fluctuations. The Ministry of Industry and Trade will also coordinate with the Ministry of Finance to consider adjusting a number of related taxes such as environmental protection tax, import tax, value-added tax... according to its authority to support market stability.
Regarding macroeconomic impact control, the Ministry of Industry and Trade coordinates with relevant ministries and sectors to prioritize ensuring supply for essential goods, especially fuels for production such as gasoline and diesel. At the same time, market forecasting and information provision will be strengthened to ensure transparency, contributing to stabilizing market sentiment and limiting negative impacts on the economy.
Domestic gasoline and oil prices on May 12, 2026 are applied at the following level:
- E5RON92 gasoline: not higher than 22, 626 VND/liter, lower than RON95-III gasoline by 1,125 VND/liter;
- RON95-III gasoline: not higher than 23,751 VND/liter;
- Diesel oil 0.05S: not higher than 28,172 VND/liter;
- 180CST 3.5S mazut oil: not higher than 20,027 VND/kg.
