Gasoline price today 05/24/2025: Oil price increases again

Oil prices today May 24, 2025: Oil prices rose again as US buyers stepped up inventory replenishment ahead of the three-day Memorial Day holiday, amid concerns surrounding the latest round of nuclear talks between the US and Iran.

Gasoline price today 05/24/2025

Recorded on Oilprice at 4:30 a.m. on May 24, 2025 (Vietnam time), Brent oil price was at 64.77 USD/barrel, up 0.51% (equivalent to an increase of 0.33 USD/barrel).

Brent oil price on the world market early morning of May 24, 2025 (Vietnam time)

Similarly, WTI oil price was at 61.55 USD/barrel, up 0.57% (equivalent to an increase of 0.35 USD/barrel).

WTI oil price on the world market in the early morning of May 24, 2025 (Vietnam time)

Oil prices fell 1% in the previous session and were headed for their first weekly decline after three straight weeks of gains, after US President Donald Trump proposed imposing a 50% tariff on goods from the European Union. At the same time, rising expectations that OPEC+ will continue to increase production in July also put pressure on oil prices.

“I think there was a little bit of short covering going into the weekend,” said Phil Flynn, senior analyst at Price Futures Group.

Memorial Day weekend marks the start of the summer travel season in the United States, when demand for transportation fuels is highest of the year.

US and Iranian negotiators met in Rome on Friday for another round of talks aimed at curbing Iran’s nuclear program. Investors are concerned that crude supplies could be disrupted if the talks fail to reach a deal, Flynn said.

“The talks are not going well. If this is the last round of talks without an agreement, it could be a green light for Israel to attack Iran,” he said.

President Trump also announced on Friday that he was recommending imposing a 50% tariff on goods from the EU starting June 1, citing the bloc as difficult to work with on trade.

“The threat of tariffs on the EU - an important trading partner of the US - further reinforces concerns about a return to economic recession,” commented analyst Giovanni Staunovo from UBS.

Meanwhile, the OPEC+ group of the Organization of the Petroleum Exporting Countries and its allies led by Russia will meet next week and is expected to announce an additional 411,000 barrels per day increase in July.

Reuters reported earlier this month that the group could completely lift the remaining voluntary production cuts of 2.2 million barrels per day by the end of October, after raising its output quota by about 1 million barrels per day for April, May and June.

Domestic gasoline prices today May 24, 2025

Domestic retail gasoline prices on May 24, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 22 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 price today May 24, 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-24052025-gia-dau-tang-tro-lai-389056.html