Gasoline price today (May 26): Slight increase

World oil prices

According to Oilprice and Reuters, both Brent and WTI crude oil increased by about 50 cents in early trading on May 26, extending the increase of the last trading session of last week.

Last week, with Brent down 63 cents and WTI down 96 cents, oil prices turned lower, ending two consecutive weeks of gains.

Both Brent and WTI crude oil increased by about 50 cents in early trading on May 26. Illustration photo: Reuters

There are many factors that have pushed oil prices down. First, Moody's downgraded the US sovereign credit rating from the highest level Aaa to Aa1. Then there was the comment by US Treasury Secretary Scott Bessent that US President Donald Trump would impose high tariffs on trading partners that do not negotiate in good faith.

Uncertainty in nuclear negotiations between the US and Iran, peace negotiations between Russia and Ukraine; unexpected increase in US gasoline, oil, and distillate inventories; concerns about oversupply if OPEC+ increases production by 411,000 barrels/day in July... are the main factors causing oil prices to slow down.

This week, in addition to trade and geopolitical developments, traders will also be watching for signals from the Federal Open Market Committee (FOMC) meeting minutes and core US Personal Consumption Expenditure (PCE) data to see whether the US Federal Reserve (Fed) is ready for a rate cut cycle.

Also this week, there will be information related to the Reserve Bank of New Zealand's monetary policy decision, US preliminary GDP Q1-2025.

Regarding US President Donald Trump's threat to increase tariffs on European imports to 50% on June 1, Ole Hansen, Head of Commodity Strategy at Saxo Bank, commented that the tariff threats are a stark reminder that this trade war is far from over and that the US will have to bear the economic consequences.

Geopolitical tensions around the world have shown no signs of cooling down, pushing oil prices up. Illustration: Bizz Buzz

Oil prices were also affected by the outcome of nuclear talks and geopolitical tensions in Europe and the Middle East. "The fifth round of talks between Iran and the United States ended in Rome with some progress but not decisive," said Foreign Minister Badr Albusaidi, a mediator in the US-Iran nuclear talks. While Iranian Foreign Minister Abbas Araghchi confirmed that talks with Washington over Tehran's nuclear program were "complicated", the US announced that some progress had been made in the nuclear talks.

Meanwhile, Russia-Ukraine tensions continue as Russia conducts major air strikes against Ukraine. Similarly, in the Middle East, Israel also carried out airstrikes on the Gaza Strip over the weekend.

The above fluctuations have left many barrels of oil from Iran and Russia unable to be "supplemented" to the world market.

Domestic gasoline prices

Domestic retail prices of gasoline on May 26 are as follows:

E5 RON 92 gasoline is not more than 19,122 VND/liter.

RON 95-III gasoline is not more than 19,532 VND/liter.

Diesel oil not more than 17,405 VND/liter.

Kerosene not more than 17,314 VND/liter.

Fuel oil not exceeding 16,512 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of May 29. Due to the decrease in world gasoline and oil prices last week, domestic gasoline and oil prices are likely to decrease as well. However, prices may reverse if world gasoline and oil prices increase sharply in the first trading sessions of the week.

In the most recent price adjustment, gasoline prices increased and decreased in opposite directions. While the price of E5 RON 92 gasoline decreased by 58 VND/liter, RON 95-III gasoline decreased by 62 VND/liter, diesel oil price increased by 177 VND/liter, kerosene increased by 88 VND/liter and fuel oil increased by 352 VND/kg.

MAI HUONG

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Source: https://baodaknong.vn/gia-xang-dau-hom-nay-26-5-tang-nhe-253630.html