Gasoline price today 05/29/2025: Oil price increases again

Oil prices today May 29, 2025: Oil prices increased by more than 1% after the US banned Chevron from exporting oil from Venezuela and some production areas in Canada were disrupted, while the market waited for the move to increase production from OPEC+.

Gasoline price today May 29, 2025

Recorded on Oilprice at 4:30 a.m. on May 29, 2025 (Vietnam time), Brent oil price was at 64.79 USD/barrel, up 1.09% (equivalent to an increase of 0.70 USD/barrel).

Brent oil price on the world market early morning of May 29, 2025 (Vietnam time)

Similarly, WTI oil price was at 61.68 USD/barrel, up 1.31% (equivalent to an increase of 0.80 USD/barrel).

WTI oil price on the world market in the early morning of May 29, 2025 (Vietnam time)

According to Reuters, the Trump administration has just granted a new license to the US corporation Chevron to maintain assets in Venezuela but not to export oil or expand operations there.

OPEC and its allies, collectively known as OPEC+, will hold a meeting later on Wednesday, but a decision on raising output in July is likely to come on Saturday, sources said, as the eight members of the group hold separate talks.

“The summer fuel demand is strong, while non-OPEC+ oil production has remained flat in the first half of the year, and the risk of wildfires in Canada could disrupt supply, so the supply pressure is now largely on OPEC+,” said Janiv Shah, vice president of oil commodity analysis at Rystad Energy.

Analysts at Goldman Sachs expect the eight-member OPEC+ group to keep output steady after a July increase, as new projects come online later in the year, economic growth slows and oil inventories rise.

“However, we assess the risks to the OPEC8+ supply path remain tilted to the upside, particularly if compliance fails to improve or actual demand data picks up more strongly than expected,” Goldman analysts said.

In addition, according to experts, oil prices could react positively if there is progress in global trade negotiations or US-Iran tensions cool down.

The head of Iran's atomic energy agency, Mohammad Eslami, said that Tehran could allow the UN nuclear watchdog to send US inspectors to visit nuclear facilities, if talks between Iran and the US yield results.

Domestic gasoline prices today May 29, 2025

Domestic retail gasoline prices on May 29, 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 prices today May 29, 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-29052025-gia-dau-tang-tro-lai-389782.html