According to a survey at 02:44 on May 22 (Vietnam time), WTI oil price decreased by 0.36 USD/barrel (down 0.58%), down to 61.21 USD/barrel. Brent oil price decreased by 0.06 USD/barrel (down 0.09%), down to 64.58 USD/barrel.
Oil prices fell on May 22 due to a sudden increase in US crude oil and fuel reserves, raising concerns about demand. Meanwhile, investors remain cautious, focusing on new Iran-US nuclear negotiations.
The US Energy Information Administration said on May 21 that US crude and fuel reserves unexpectedly increased last week, when imported crude oil reached a six-week high and demand for gasoline and distillate products decreased.
For the domestic market, Mr. Doan Tien Quyet - data analysis expert of VPI - predicted that the retail price of E5 RON 92 gasoline may decrease by 96 VND (0.5%) to 19,084 VND/liter, while RON 95-III gasoline may decrease by 235 VND (1.2%) to 19,355 VND/liter.
VPI's model also predicts that retail oil prices this period will tend to increase by 0.9 - 2.5%. Accordingly, mazut is forecast to increase by 2.5% to VND 16,564/kg, followed by diesel which may increase by 1.4% to VND 17,461/liter, while kerosene may increase by only 0.9% to VND 17,459/liter. VPI forecasts that the Ministry of Finance - Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.
A representative of a petroleum business said that 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, retail prices of gasoline may have opposite adjustments.
Of which, RON 95 gasoline price is forecast to decrease by about 110 VND/liter; E5 gasoline decreases by about 100 VND/liter; Diesel increases by about 170 VND/liter.
Domestic retail gasoline prices on May 22, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 15 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 15, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, priced at VND19 cul/liter (up VND403/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND19,594/liter (up VND415/liter).
Prices of oil products increased simultaneously. Of which, diesel 0.05S is priced at VND17,228/liter (up VND419/liter); kerosene has a new price of VND17,226/liter (up VND285/liter); mazut is priced at VND16,160/kg (up VND627/kg).
