According to a survey at 8:40 a.m. on March 27 (Vietnam time), WTI oil price increased by 0.36 USD/barrel (up 0.52%), to 69.36 USD/barrel. Brent oil price increased by 0.17 USD/barrel (up 0.23%), to 72.72 USD/barrel.
Oil prices increased on Wednesday in the early morning trading session in Asia, due to concerns that supply will be further tightened. The main reason is that US President Donald Trump threatened to impose tariffs on oil and gas importers from Venezuela, along with a stronger-than-expected decrease in crude oil reserves in the US.
President Trump signed an executive decree on Monday, allowing his administration to impose a comprehensive 25% tariff under the International Emergency Economic Powers Act of 1977 on imports from any country that purchases crude oil and liquid fuel from Venezuela.
Petroleum is Venezuela's main export product. Of which, China - currently the largest oil buyer, is facing the risk of being taxed on imports from the US.
The Trump administration has also extended the deadline for the US manufacturer Chevron until May 27, requiring the company to terminate operations in Venezuela. According to ANZ analysts, Chevron's revoking of its operating license could reduce the company's output by about 200,000 barrels per day.
In contrast, oil prices were also supported by industry data showing US crude oil inventories fell by 4.6 million barrels in the week ended March 21.
To limit oil price increases, the US has reached agreements with Ukraine and Russia to temporarily suspend attacks at sea and on energy targets. Washington has agreed to push for the lifting of some sanctions against Moscow. Both Ukraine and Moscow have expressed skepticism that the other side will comply with the agreements.
The gasoline price forecasting model using machine Learning of the Vietnam Petroleum Institute (VPI) shows that in the upcoming operating period on March 27, gasoline, kerosene, and diesel prices may increase by 1.1 - 2.1% if the Ministry of Finance - Industry and Trade does not set aside or use the Petroleum Price Stabilization Fund.
According to Mr. Doan Tien Quyet, VPI's data analysis expert, the gasoline price forecast model using the artificial neural network model ( sp) and the supervised learning algorithm (Supervised Learning) in VPI's machine Learning forecast retail price of E5 RON 92 gasoline continues to increase by 236 VND (1.2%) to 19,926 VND/liter, while RON 95-III gasoline may increase by 231 VND (1.1%) to 20,311 VND/liter.
VPI's model forecasts that retail oil and diesel prices this period will also tend to increase, specifically, diesel may increase by 1.5% to VND18,158/liter, while gasoline may increase by 2.1% to VND18,490/liter. In contrast, mazut oil may decrease by 1% to VND16,782/kg. 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.
Domestic retail gasoline prices on March 26, 2025 will be applied according to the adjustment session from 3:00 p.m. on March 20 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on March 20, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, at VND19,695/liter (up VND414/liter). RON 95-III gasoline price increased compared to the previous adjustment period, priced at VND 20,087/liter (up VND 438/liter).
Prices of oil products fluctuated in different directions. Of which, diesel 0.05S is priced at VND17,893/liter (down VND5/liter); kerosene has a new price of VND18,118/liter (up VND28/liter); mazut is priced at VND16,955/kg (down VND40/kg).
