Gasoline price today 05/23/2025: Continue to decrease by more than 1%

Oil prices today, May 23, 2025: Oil prices fell more than 1% after information appeared that OPEC+ was discussing the possibility of increasing production from July, raising concerns that global supply could exceed demand.

Gasoline price today 05/23/2025

Recorded on Oilprice at 4:30 a.m. on May 23, 2025 (Vietnam time), Brent oil price was at 64.35 USD/barrel, down 0.88% (equivalent to a decrease of 0.57 USD/barrel).

Brent oil price on the world market early morning of May 23, 2025 (Vietnam time)

Similarly, WTI oil price was at 61.07 USD/barrel, down 0.93% (equivalent to a decrease of 0.57 USD/barrel).

WTI oil price on the world market in the early morning of May 23, 2025 (Vietnam time)

According to Bloomberg News, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are considering a sharp increase in production at their meeting on June 1. One option being discussed is to increase by 411,000 barrels per day from July. However, according to delegates attending, no final decision has been made.

Reuters previously reported that the group plans to accelerate its production increase and could return up to 2.2 million barrels per day to the market in November. OPEC+ is gradually removing production cuts, with additional supply additions in May and June.

“We are seeing the market react to signs that OPEC is abandoning its strategy of protecting prices and shifting to regaining market share. Like removing a Band-Aid, it is better to do it once and for all,” said Harry Tchiliguirian, an analyst at Onyx Capital Group.

Meanwhile, RBC Capital analyst Helima Croft said a 411,000 bpd increase from July, mainly from Saudi Arabia, is the most likely scenario at the upcoming meeting.

“The key question is whether the voluntary cuts will be fully withdrawn before the fall foliage season, as originally scheduled,” she added.

Earlier in the session, oil prices were under pressure after data from the US Energy Information Administration (EIA) released on Wednesday showed an unexpected build in crude and fuel inventories in the week ended May 16, as US crude imports rose to a six-week high, while demand for gasoline and distillates fell.

Crude inventories rose by 1.3 million barrels to 443.2 million barrels, compared with analysts' forecasts in a Reuters survey for a decrease of 1.3 million barrels.

The unexpected build in inventories will put downward pressure on prices, especially for WTI, and could boost US oil exports to Europe and Asia, according to Emril Jamil, an expert at LSEG Oil Research.

While OPEC+ is still considering, the yield on 10-year US government bonds has risen again, suggesting that the producer group may be increasing supply amid signs of weaker consumption in the market.

Domestic gasoline prices today May 23, 2025

Domestic retail gasoline prices on May 23, 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	19,122	-58
RON 95 gasoline	19,532	-62
Diesel	17,405	+177
Oil	17,314	+88
Fuel oil	16,512	+352

Specifically, the price of E5 RON 92 gasoline decreased by 58 VND/liter, down to 19,122 VND/liter; RON 95 gasoline decreased by 62 VND/liter, down to 19,532 VND/liter.

However, in this adjustment period, the price of diesel 0.05S increased by 177 VND/liter, to 17,405 VND/liter; kerosene increased by 88 VND/liter, to 17,314 VND/liter; the price of mazut 180CST 3.5S increased by 352 VND/kg, to 16,512 VND/kg.

Gasoline prices today May 23, 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 21 adjustment sessions, including 9 decrease sessions, 8 increase sessions and 4 opposite sessions.

Ngoc Hung

Source: https://congthuong.vn/gia-xang-dau-hom-nay-23052025-tiep-tuc-giam-hon-1-388881.html