Gasoline prices today (May 16): Slight increase at the beginning of the session - Lang Son Newspaper and Radio and Television Station

World oil prices

According to Oilprice, WTI oil prices increased slightly at the beginning of the trading session on May 16, while Brent oil prices remained "stuck in place".

Earlier, at the end of the trading session on May 15, oil prices continued to decline. Brent crude oil prices fell by 1.56 USD, equivalent to 2.36%, to 64.53 USD/barrel. WTI crude oil prices fell by 1.53 USD, equivalent to 2.42%, to 61.62 USD/barrel.

Oil prices fell in the trading session on May 15. Illustration photo: Thoughtco

According to Reuters, the drop in oil prices was affected by expectations that a nuclear deal between the US and Iran could ease sanctions on Tehran and add more Iranian barrels to the market.

On May 15, US President Donald Trump said that the US is close to securing a nuclear deal with Iran, and Tehran has "roughly" agreed to the terms.

Earlier, in an interview with NBC News, an Iranian official stressed that the country is ready to agree to a deal with the US in exchange for lifting economic sanctions.

Any immediate lifting of sanctions stemming from the nuclear deal could open the door to 0.8 million barrels of Iranian crude entering the global market each day, a negative development for oil prices, according to SEB analyst Ole Hvalbye.

The US Treasury Department said on May 14 that Washington had issued sanctions targeting Iran's efforts to domestically produce components for ballistic missiles.

The sanctions came after a fourth round of talks between the US and Iran in Oman aimed at resolving disputes over Iran's nuclear program.

In another development, on May 15, Russian President Vladimir Putin refused to meet face-to-face with Ukrainian President Volodymyr Zelenskiy in Türkiye, dealing a heavy blow to the prospect of a breakthrough in peace between Russia and Ukraine.

According to John Kilduff, partner at Again Capital in New York, if the Ukraine-Russia conflict is resolved, there will be more supply from Russia to the global market.

Rising US oil inventories were one of the factors pushing oil prices down in recent trading sessions. Illustration photo: Offshore Technology

Meanwhile, the International Energy Agency (IEA) raised its forecast for oil demand growth this year to 740,000 barrels per day, up 20,000 barrels per day from its previous report, citing higher economic growth forecasts and lower oil prices supporting consumption.

Economic headwinds and record electric vehicle sales are expected to reduce demand growth to 650,000 barrels per day for the rest of the year, from growth of nearly 1 million barrels per day in the first quarter of 2025, the IEA said.

Also weighing on prices was data from the US Energy Information Administration showing US oil inventories rose by 3.5 million barrels to 441.8 million barrels.

Domestic gasoline prices

Domestic retail prices of gasoline on May 16 are as follows:

E5 RON 92 gasoline is not more than 19,180 VND/liter.

RON 95-III gasoline is not more than 19,594 VND/liter.

Diesel oil not more than 17,228 VND/liter.

Kerosene not more than 17,226 VND/liter.

Fuel oil not exceeding 16,160 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of May 15. Due to the continuous increase in world gasoline and oil prices last week and the first trading sessions of the week, domestic gasoline and oil prices increased simultaneously, not establishing a hat-trick of decreases. The price of E5 RON 92 gasoline increased by 403 VND/liter, RON 95-III gasoline increased by 415 VND/liter, diesel increased by 419 VND/liter, kerosene increased by 285 VND/liter and fuel oil increased by 627 VND/kg.

In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.

Since the beginning of the year, domestic gasoline prices have undergone 20 adjustment sessions with 9 sessions of decrease, 8 sessions of increase and 3 sessions of opposite direction.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-16-5-tang-nhe-dau-phien-5047255.html