Gasoline price today May 21, 2025: Shocking increase in crude oil pushes retail prices to continue rising

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%.

This increase caused crude oil prices to fall less in May than in April, with an average decrease of only 0.3% to 0.9%. However, compared to the same month last May, crude oil prices were still down more than 21%.

According to Trading Economics, Brent oil prices are hovering around $65/barrel amid market concerns about geopolitical risks, especially nuclear negotiations between the US and Iran. Iran has said it will only continue dialogue if Washington completely abandons its demand to stop uranium enrichment.

In addition, US President Donald Trump just said that he had a phone call with Russian President Putin and the two sides will “immediately” begin negotiating a ceasefire in Ukraine. This information contributed to further market volatility.

Domestic gasoline prices on May 21

Domestic gasoline prices today, May 21, continued to increase following the trend of the world market. The adjustment was applied from the operating period on May 15, with an increase of 285 VND to more than 600 VND per liter, depending on the type of product.

Specifically, the price of E5 RON92 gasoline increased by 403 VND, currently at 19,180 VND/liter; RON95-III gasoline increased by 415 VND, to 19,594 VND/liter. Diesel 0.05S increased by 419 VND/liter, reaching 17,228 VND/liter; kerosene increased by 285 VND, to 17,226 VND/liter. Mazut 180CST 3.5S increased the most with 627 VND/kg, to 16,160 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside and did not use the Petroleum Price Stabilization Fund for the above items.

According to the Ministry of Industry and Trade, the world market during the operating period from May 8 to 14 was affected by many factors such as the agreement to postpone tariffs between the US and China, the Russia-Ukraine conflict, tensions in the Middle East and the decision to increase production from OPEC+. These factors caused world oil prices to increase slightly.

The average price of finished petroleum products in the world between the two management periods has increased from 2% to more than 5%. Of which, the price of fuel oil increased the most (5.39%), followed by diesel oil and RON92 gasoline. This increase has directly affected the adjustment of domestic retail gasoline prices today. With this development, gasoline prices are likely to continue to increase in the next management period if world prices do not cool down.

Source: https://baoquangnam.vn/gasoline-price-hom-nay-21-5-2025-gasoline-price-increases-shovel-retail-price-continues-to-di-len-3155200.html