According to a survey at 15:01 on May 31 (Vietnam time), WTI oil price decreased by 0.15 USD/barrel (down 0.25%), down to 60.79 USD/barrel. Brent oil price decreased by 0.57 USD/barrel (down 0. 90%), down to 62.78 USD/barrel.
Oil prices fell sharply due to concerns that OPEC+ will increase production beyond the plan, in the context of high global supply surpluses, making it difficult for prices to maintain the current level and could fall to about 50 USD/barrel by the end of the year. In addition, US-China trade tensions, especially President Trump's statements on tariffs, also put downward pressure on oil prices in the market.
According to the Ministry of Industry and Trade, the world petroleum market in the recent management period (from May 15, 2025 to May 21, 2025) was affected by main factors such as: continued tensions in the Middle East; increased US crude oil reserves; updated information on US tax policies on goods from trading partners; military conflict between Russia and Ukraine continues... The above factors have caused world petroleum prices in recent days to fluctuate up and down depending on each commodity.
Regarding the domestic petroleum market, a representative of a petroleum business said that domestic petroleum prices will fluctuate according to the world situation. According to current market developments, it is forecasted that in the next price adjustment period, retail prices of gasoline may increase slightly.
Domestic retail gasoline prices on May 31, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 29 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session last week (May 29), the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND19196/liter (up VND74/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND19,565/liter (up VND33/liter).
Prices of oil products have decreased simultaneously. Of which, diesel 0.05S is priced at VND17,136/liter (down VND269/liter); kerosene has a new price of VND17,108/liter (down VND206/liter); mazut is priced at VND16,264/kg (down VND248/kg).
