Gasoline price today (May 15): Domestic gasoline price turns to increase? - Lang Son Newspaper and Radio and Television Station

World oil prices

At the end of the trading session on May 14, oil prices fell slightly. This unexpected drop in oil prices was due to a surprise increase in US crude oil inventories, raising investors' concerns about oversupply.

Oil prices turned down in the trading session on May 14. Illustration photo: Oilprice

Brent crude fell 54 cents, or 0.81 percent, to $66.09 a barrel. WTI crude fell 52 cents, or 0.82 percent, to $63.15 a barrel.

In the previous session, both oil benchmarks traded near two-week highs, boosted by a temporary tariff cut between the US and China.

However, prices regained their bearish appetite after data from the US Energy Information Administration (EIA) showed that in the week ending May 9, US crude oil inventories increased by 3.5 million barrels to 441.8 million barrels, contrary to analysts' forecasts for a decrease of 1.1 million barrels.

Also according to the EIA, US net crude oil imports last week increased to 422,000 barrels/day.

Earlier, data from the American Petroleum Institute (API) showed that US crude oil inventories unexpectedly increased by 4.3 million barrels.

According to UBS analyst Giovanni Staunovo, the oil price drop is because “the increase in oil inventories, according to API data, is not helping.”

Meanwhile, OPEC+ has increased supply to the market. However, on May 14, OPEC cut its forecast for oil supply growth from the US and other producers outside OPEC+ this year. Specifically, supply from countries outside OPEC+ will increase by about 800,000 barrels/day, down from last month's forecast of 900,000 barrels/day. OPEC expects total oil production from the US to increase by about 300,000 barrels/day, down 100,000 barrels compared to last month's forecast.

The recovery of the US dollar also put pressure on oil prices. Illustration photo: Daily Trust

“They’re not changing their demand, they’re just adding barrels,” said Bob Yawger, director of energy futures at Mizuho. “At some point, supply will overwhelm demand and push the market lower.”

The dollar’s recovery also weighed on oil prices. A stronger greenback makes dollar-denominated oil more expensive for investors holding other currencies, hurting demand.

Domestic gasoline prices

Domestic retail prices of gasoline on May 15 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 this afternoon (May 15). Due to the continuous increase in world gasoline and oil prices last week and in the first trading sessions of the week, domestic gasoline and oil prices are likely to end the downward trend. The increase in gasoline and oil prices may fluctuate between 100-300 VND/liter (kg).

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-15-5-xang-dau-trong-nuoc-quay-dau-tang-5047115.html