Gasoline price today (May 27): Slightly down

World oil prices

At the end of the first trading session of the week (May 26), oil prices were almost flat on news that eight OPEC+ countries, which have pledged to further voluntarily cut oil production, will meet on May 31, one day earlier than previously planned.

Oil prices were almost flat in the trading session on May 26. Illustration photo: Reuters

Brent crude fell 4 cents to $64.74 a barrel. WTI settled at $61.53 a barrel, the previous session’s close.

Trading volumes were low during the session due to the US Memorial Day holiday.

According to Reuters, OPEC+ countries have decided to move the meeting date up a day. This meeting will likely decide on July production, which sources previously said would likely add 411,000 barrels per day to the market.

This meeting is separate from the OPEC+ virtual ministerial meeting scheduled for May 28.

RIA quoted Russian Prime Minister Alexander Novak on May 26 as saying that OPEC+ had not yet discussed increasing production by 411,000 barrels per day before the meeting.

“At this stage, it looks like the market is exhausted by this,” said Toronto-based analyst Rory Johnston, founder of the Commodity Context newsletter. Investors and traders are still expecting additional crude from OPEC but are unlikely to react significantly until the big news comes out, he said.

Analyst Rory Johnston pointed out that OPEC's oil production fell slightly in April despite the production increase plan taking effect, which further added to the overall market hesitation.

According to Johnston, it seems like OPEC+ really wants to make headlines every day. However, the market’s reaction at this point is to wait for anything tangible to actually emerge.

Oil prices fluctuate slightly ahead of OPEC+ meeting. Illustration photo: Reuters

Both Brent and WTI gave up early gains after US President Donald Trump said he had agreed to extend the deadline for trade talks with the European Union (EU) until July 9, marking another temporary trade policy delay.

The extension eases concerns that US tariffs on the EU could hit fuel demand.

"Trump's pivot by postponing tariff hikes on the EU and his comments on possible sanctions against Russia provided moderate support for crude prices during the session," said UBS analyst Giovanni Staunovo.

Domestic gasoline prices

Domestic retail prices of gasoline on May 27 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 increased by 177 VND/liter, kerosene increased by 88 VND/liter and fuel oil increased by 352 VND/kg.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-27-5-truot-nhe-5048271.html