World oil prices
At 6:30 AM on May 25th, WTI crude oil was trading at $74.42 per barrel, up $0.97 per barrel, while Brent crude oil was trading at $78.44 per barrel, up $1.43 per ounce compared to the beginning of yesterday morning.
Oil prices continued to rise today.
According to a report by the American Petroleum Institute (API), US commercial crude oil inventories fell by 6.7 million barrels last week, compared to analysts' predictions of a 525,000 million barrel increase. Gasoline inventories decreased by 6.398 million barrels, while distillate product inventories fell by 1.771 million barrels. The decline in US oil inventories pushed prices higher.
In addition, world oil prices rose due to market optimism about the possibility of the US avoiding default.
Declining oil drilling activity in the US is increasing the risk of supply shortages.
In addition, oil prices are also being supported by forecasts of a surge in US gasoline demand this summer.
Domestic fuel prices
In the domestic market, today's fuel prices are based on the rates set in the May 22nd price adjustment by the Ministry of Finance and the Ministry of Industry and Trade. Accordingly, the price of E5 RON92 gasoline increased by 357 VND/liter, to 20,488 VND per liter; RON95 gasoline increased by 499 VND per liter, to 21,499 VND/liter; diesel increased by 301 VND, to 17,954 VND/liter; and mazut increased by 296 VND, to 15,158 VND/kg.
Since the beginning of the year, gasoline prices have undergone 15 adjustments, including 8 increases, 6 decreases, and 1 time remaining unchanged.
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