Update on gasoline and oil prices on May 22nd: Inverting direction

Accordingly, at 6:30 PM on May 22, WTI oil price was at 98.58 USD/barrel, up 2.23 USD/barrel, equivalent to an increase of 2.31%. Brent oil was at 105.60 USD/barrel, up 3.02 USD/barrel, equivalent to an increase of 2.94%.

Oil prices rose on Friday as investors doubted breakthrough prospects in US-Iran peace talks, but are still on a downward trend this week.

Previously, in Thursday's trading session, oil prices also continuously fluctuated strongly. The upward momentum was accelerated after US Secretary of State Marco Rubio said that the proposal to impose tolls back and forth in the Strait of Hormuz would make a diplomatic agreement impossible. However, later, oil prices narrowed the upward momentum when Mr. Marco Rubio said that officials from Pakistan, a middleman country, would come to Iran for negotiations.

Domestically, the selling prices of popular consumer gasoline and oil items on the market on May 22 are as follows:

- E5 RON 92 gasoline: not higher than 24,340 VND/liter (an increase of 1,206 VND/liter compared to the current maximum selling price), lower than RON 95-III gasoline by 1,209 VND/liter;

- RON 95-III gasoline: not higher than 25,549 VND/liter (an increase of 1,471 VND/liter compared to the current maximum selling price);

- Diesel oil 0.05S: not higher than 28,761 VND/liter (an increase of 1,535 VND/liter compared to the current maximum selling price);

- 180CST 3.5S mazut oil: not higher than 21,483 VND/kg (an increase of 898 VND/kg compared to the current maximum selling price).

According to Circular 50 of the Ministry of Industry and Trade, from June 1, 2026, unleaded gasoline (according to current national technical regulations) must be blended and mixed into E10 gasoline for use in gasoline engines nationwide. At the same time, continue to blend and mix E5 RON 92 gasoline for use in gasoline engines until December 31, 2030.

This means that RON 95-V and RON 95-III mineral gasoline will be replaced by bio-gasoline from June 1, 2026. Accordingly, there will only be bio-gasoline on the market such as: E10 RON 95-V gasoline, E10 RON 95-III gasoline and E5 RON 92-II gasoline.