Gasoline price today 5/21/2025: Crude oil price increases dramatically

World crude oil prices

Specifically, as recorded at 10:10 a.m. Vietnam time, WTI oil price skyrocketed to 62.83 USD/barrel, an increase of 0.66 USD, equivalent to 1.06% compared to the previous session. Brent oil also recorded an increase of 0.93 USD, reaching 66.30 USD/barrel, an increase of 1.39%.

Despite the daily increase in oil prices, the average crude oil price in May was still lower than in April, fluctuating between 0.3% and 0.9%. Compared to the same period in May 2024, oil prices were still about 21% lower.

Brent crude oil prices are hovering around $65 a barrel as investors assess the risks from slow progress in nuclear negotiations between the US and Iran, according to Trading Economics. Iran continues to insist it will not abandon uranium enrichment, while the US maintains a tough stance.

In addition, although US President Donald Trump announced that Russia and Ukraine would “immediately” begin ceasefire negotiations after a phone call with President Putin, the market remained cautious as geopolitical factors have not yet stabilized. These fluctuations continue to put upward pressure on the global oil market.

Domestic gasoline prices on May 21

On May 21, domestic gasoline prices continued to be kept high after the Ministry of Industry and Trade and the Ministry of Finance announced an increase in prices at the management session on May 15. This was the price increase after a series of fluctuations in the world market, clearly reflecting the influence of many geopolitical and international economic factors.

According to the new decision, each liter of E5 RON92 gasoline increased by 403 VND, up to 19,180 VND/liter. RON95-III gasoline increased by 415 VND, reaching 19,594 VND/liter. Oil products also increased significantly: diesel increased by 419 VND to 17,228 VND/liter, kerosene increased by 285 VND to 17,226 VND/liter and fuel oil increased sharply by 627 VND, up to 16,160 VND/kg.

Notably, during this management period, the Ministry of Industry and Trade did not allocate or spend from the Price Stabilization Fund, showing that the pressure to increase prices from world market developments is quite obvious.

During the period from May 8 to May 14, 2025, world oil prices increased sharply due to many reasons. Notable factors include the temporary agreement on tax cuts between the US and China, increasing tensions in the Middle East, OPEC+ increasing oil production, along with the Russia-Ukraine conflict that shows no signs of cooling down.

The average world oil price during the period increased from 2% to more than 5% compared to the previous adjustment period, leading to the adjustment of domestic prices. This development is forecasted to continue to affect domestic retail prices in the next adjustment period if international crude oil prices continue to increase.

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Source: https://baonghean.vn/gia-xang-dau-hom-nay-21-5-2025-dau-tho-tang-soc-10297847.html