Gasoline price today May 16, 2025: Oil price slides 3%

Oil prices today May 16, 2025: Oil prices slid as the market expected a nuclear deal between the US and Iran that could lead to the lifting of sanctions, thereby paving the way for oil supplies from Iran to return to the global market.

Gasoline price today May 16, 2025

Recorded on Oilprice at 4:30 a.m. on May 16, 2025 (Vietnam time), Brent oil price was at 64.11 USD/barrel, down 3.01% (equivalent to a decrease of 1.99 USD/barrel).

Brent oil price on the world market early morning of May 16, 2025 (Vietnam time)

Similarly, WTI oil price was at 61.18 USD/barrel, down 3.10% (equivalent to a decrease of 1.96 USD/barrel).

WTI oil price on the world market in the early morning of May 16, 2025 (Vietnam time)

According to Reuters, US President Donald Trump said Washington is very close to a nuclear deal with Iran and Tehran has almost agreed to the terms. An Iranian official, in an interview with NBC News, said Tehran is ready to reach a deal with the US if economic sanctions are lifted.

“Any easing of sanctions resulting from a nuclear deal could release around 800,000 barrels per day of Iranian oil onto the market, which is clearly negative for oil prices,” said Ole Hvalbye, an analyst at SEB bank.

Meanwhile, the US continues to impose new sanctions aimed at blocking Iran’s efforts to produce domestic ballistic missile components, according to the US Treasury Department . Earlier on Tuesday, the US also sanctioned about 20 companies accused of being part of a network that transfers Iranian oil to China.

The moves came as the US and Iran concluded their fourth round of talks in Oman, seeking to resolve differences over Tehran's nuclear program.

“We’re seeing this oscillation between the Trump administration wanting to cut Iran off completely and now wanting to bring them back into the international community. That leaves the supply side open to either some Iranian oil continuing to quietly enter the market or the market getting all of their production back. That’s what’s driving the price swings,” said John Kilduff, a partner at Again Capital, in New York.

In another development, Russian President Vladimir Putin has rejected an invitation to meet directly with Ukrainian President Volodymyr Zelenskiy in Türkiye, dealing a blow to hopes of a peace breakthrough. Mr. Zelenskiy said that Mr. Putin's sending of a formal negotiating delegation to Turkey showed that Russia was not serious about ending the conflict.

“I think this is a supportive factor for oil prices, because part of the reason the market is worried about falling prices is that if the Russia-Ukraine situation is resolved, Russian oil supplies will return to the global market,” Mr. Kilduff added.

Regarding inventory data, the US Energy Information Administration (EIA) announced that crude oil inventories increased by 3.5 million barrels to 441.8 million barrels last week, in complete contrast to analysts' forecasts of a decrease of 1.1 million barrels.

In its latest report, the International Energy Agency (IEA) raised its forecast for oil demand growth in 2025 to 740,000 barrels per day, up 20,000 barrels from its previous forecast, citing stronger economic growth and low oil prices supporting consumption.

However, the IEA also noted that economic headwinds and record electric vehicle sales will slow oil demand growth to around 650,000 barrels per day for the rest of the year, compared with nearly 1 million barrels per day in the first quarter.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies (collectively known as OPEC+) are still increasing production, although in a report on Wednesday, OPEC slightly lowered its forecast for oil supply growth from the United States and non-OPEC+ producers this year.

Domestic gasoline prices today May 16, 2025

Domestic retail gasoline prices on May 16, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 15 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,180	+403
RON 95 gasoline	19,594	+415
Diesel	17,228	+419
Oil	17,226	+285
Fuel oil	16,160	+627

Specifically, the price of E5 RON 92 gasoline increased by VND403/liter, to VND19,180/liter; RON 95 gasoline increased by VND415/liter, to VND19,594/liter.

Similarly, the price of diesel 0.05S: Increased by 419 VND/liter, to 17,228 VND/liter; kerosene increased by 285 VND/liter, to 17,226 VND/liter; mazut 180CST 3.5S increased by 627 VND/kg, to 16,160 VND/kg.

Gasoline prices today May 16, 2025. Photo by Dinh Tuan

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2025 to now, domestic gasoline prices have undergone 20 adjustment sessions, including 9 decrease sessions, 8 increase sessions and 3 opposite sessions.

Ngoc Hung

Source: https://congthuong.vn/gia-xang-dau-hom-nay-16052025-gia-dau-truot-doc-3-387804.html