Update on gasoline and oil prices on May 5th: Reduced by more than 3%

At 7:46 PM on May 5, WTI oil price was at 103.20 USD/barrel, down 3.22 USD/barrel, equivalent to a decrease of 3.03%. Brent oil was at 111.97 USD/barrel, down 2.47 USD/barrel, equivalent to a decrease of 2.16%.

Global oil prices fell on Tuesday, after the United States launched a campaign to reopen the Strait of Hormuz for shipping.

At the regular Government meeting in April 2026, Minister of Industry and Trade Le Manh Hung said: "In April, facing a very difficult volatile situation, however, under the direction of the Government and the Prime Minister, the Ministry of Industry and Trade together with the Ministry of Finance have controlled and ensured the gasoline and oil supply situation.

According to the report, one of the notable points is that the capacity of gasoline and oil reserves has been significantly improved, creating more room for proactive management. From the previously limited commercial reserves, the scale of reserves has now been significantly increased, contributing to firmly consolidating the response capacity and increasing the resilience of the energy system to external fluctuations.

Not only stopping at reserves, the domestic production system is also operating stably. Oil refineries are organized to rationally divert operations, ensuring maintaining high capacity, contributing to maintaining domestic supply.

Despite achieving positive results, the Minister of Industry and Trade also frankly acknowledged the challenges ahead. The volatility in the Middle East shows no signs of ending soon, while global supply is significantly affected.

According to Minister of Finance Ngo Van Tuan, in April, the Government continued to direct the reduction of taxes on gasoline and oil to 0%. Thanks to that, through 8 adjustments, gasoline and oil prices decreased by 3-20.5% (oil prices decreased by 20.5%) compared to the end of March, at a low level compared to the region. However, due to high world prices (an average of over 110 USD/barrel in April), domestic prices still increased compared to the same period.

According to Minister Ngo Van Tuan, inflationary pressure in the coming time needs to be closely monitored. Because world gasoline and oil prices have not shown signs of decreasing, electricity prices have increased due to the hot peak season, and medical and educational service prices have been adjusted according to the roadmap.