According to a survey at 7:00 a.m. on March 16 (Vietnam time), WTI oil price increased by 0.63 USD/barrel (up 0.95%), to 67.18 USD/barrel. Brent oil price increased by 0.7 USD/barrel (up 1%), to 70.58 USD/barrel.
Russian President Vladimir Putin said Moscow supported the US proposal for a ceasefire in Ukraine, but the fighting cannot be suspended until a number of important conditions are met or clarified.
Mr. Putin said that any agreement must resolve what Moscow considers the root cause of the conflict and any ceasefire must lead to lasting peace.
Andrew Lipow, president of Houston-based Lipow Oil Associates, said: If the prospect of a ceasefire continues to be delayed in the future, Russian oil will be subject to sanctions for a long time.
Commenting on oil price fluctuations next week, ANZ analysts said that most price forecasts tend to decrease in the short term, but geopolitical tensions can still cause supply disruption, pushing oil prices up.
The Institute cited the increased supply from the US in the context of weaker demand globally than expected, the International Energy Agency warned that global oil supply during the year could exceed demand by about 600,000 barrels/day. The agency has also cut its demand growth estimate for the fourth quarter of 2024 and the first quarter of 2025 due to macroeconomic uncertainty due to escalating trade tensions between the US and some countries.
According to a representative of a petroleum business, 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, gasoline prices may increase.
In particular, the price of RON 95 - III gasoline is forecast to increase by about 370 VND/liter; E5 gasoline increases by about 350 VND/liter; Diesel increases by about 40 VND/liter.
Domestic retail gasoline prices on March 16, 2025 will be applied according to the adjustment session from 3:00 p.m. on March 13 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on March 13, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND 19,281/liter (down VND 680/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19,549/liter (down VND753/liter).
Prices of oil products also decreased simultaneously. Of which, diesel 0.05S is priced at VND17,898/liter (down VND435/liter); kerosene has a new price of VND18,090/liter (down VND483/liter); mazut is priced at VND16,995/kg (down VND155/kg).
