Gasoline prices today (May 13): The increase shows no signs of stopping - Lang Son Newspaper and Radio and Television

World oil prices

Oil prices rose about $1 to a two-week high at the end of the first trading session of the week (May 12). The rise in oil prices was supported by the agreement reached between the US and China, raising hopes of an end to the trade war between the world's two largest economies .

Oil prices have been rising steadily in recent trading sessions. Illustration photo: Reuters

Brent crude rose $1.05, or 1.6%, to $64.96 a barrel. U.S. West Texas Intermediate crude rose 93 cents, or 1.5%, to $61.95 a barrel. Both benchmarks hit their highest closes since April 28.

The United States and China have reached a 90-day truce in their tariff dispute, sending Wall Street stocks, the dollar and oil prices soaring on hopes the world’s two largest oil consumers could end a trade war that has stoked fears of a recession, Reuters reported.

“This is a larger-than-expected cooling of the situation and reflects an optimistic outlook, although negotiations are likely to remain challenging,” said analysts at ING Bank.

The trade deal may mean the Fed won’t have to cut interest rates to stimulate the economy, Federal Reserve Governor Adrian Kugler said, putting pressure on oil prices earlier in the session as lower interest rates could boost demand.

Oil prices fell to a four-year low last month as investors worried that the US-China trade war could dampen economic growth and oil demand, and OPEC’s decision to boost oil production more than previously expected.

Saudi Arabia's oil giant Aramco - the largest producer in OPEC - said it expects oil demand to remain stable this year and sees demand rising further if the US and China resolve their trade dispute.

Meanwhile, in Iraq, OPEC's second-largest oil producer, crude oil exports are on track to fall to around 3.2 million barrels per day in May and June, a significant drop from previous months.

Oil prices were also supported by news that Norwegian energy company Equinor had halted production at the Johan Castberg oil field in the Arctic Barents Sea for repairs.

Limiting oil prices are ongoing negotiations between the US and Iran over Tehran’s nuclear program. Iran is OPEC’s third-largest producer, so any nuclear deal could ease sanctions on Iranian exports. Russian crude supplies to the global market could also increase if US-brokered peace talks between Russia and Ukraine are successful.

Many factors are supporting rising oil prices. Illustration photo: Oilprice

Ukrainian President Volodymyr Zelensky said he is ready to meet Russian President Vladimir Putin in Türkiye on May 15. US President Donald Trump said he may attend the talks.

Russia was the world's second-largest oil producer last year, according to data from the US Energy Information Administration. So a deal reached between Russia and Ukraine could ease sanctions on Moscow and increase Russian oil exports.

In another development, Indian Prime Minister Narendra Modi warned Pakistan that New Delhi would continue to target "terrorist sanctuaries" across the border if there were new attacks on India and would not be deterred by what he called Islamabad's "nuclear blackmail".

India is the world's third largest oil consumer.

Domestic gasoline prices

Domestic retail prices of gasoline on May 13 are as follows:

E5 RON 92 gasoline is not more than 18,777 VND/liter.

RON 95-III gasoline is not more than 19,179 VND/liter.

Diesel oil not more than 16,809 VND/liter.

Kerosene not more than 16,941 VND/liter.

Fuel oil not exceeding 15,533 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of May 15. Due to the increase in world gasoline and oil prices last week, domestic gasoline and oil prices will likely end the series of decreases.

In the most recent price adjustment, the price of E5 RON 92 gasoline decreased by 377 VND/liter, RON 95-III gasoline decreased by 407 VND/liter, diesel decreased by 550 VND/liter, kerosene decreased by 623 VND/liter and fuel oil decreased by 665 VND/kg.

Since the beginning of the year, domestic gasoline prices have undergone 19 adjustment sessions with 9 sessions of decrease, 7 sessions of increase and 3 sessions of opposite direction.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-13-5-da-tang-chua-co-dau-hieu-dung-lai-5046847.html