Gasoline prices on June 23: Rising like a rocket after the US attacked Iran

World oil prices

Global energy markets are witnessing a sharp increase in prices for the second consecutive week, after the US carried out a series of long-range missile attacks on Iran's military and nuclear facilities. Escalating geopolitical tensions are causing crude oil prices to remain high, putting great pressure on global petroleum prices.

As of 8:00 a.m. on June 23, data from Trading Economics and Oilprice showed that WTI crude oil prices had increased to $75.50/barrel, while Brent crude oil reached $77.22/barrel, both up more than $1.7 in just 24 hours. The increases were 2.16% and 2.33%, respectively.

Brent crude has now risen more than 21% in a month, although it is still down about 8% from the same time last year. WTI crude has also increased more than 21% compared to the previous month. The latest developments in the US-Iran conflict are believed to be the main reason for the increase, as the market fears that further retaliation from Iran will disrupt oil supplies in the Middle East.

Oil prices continue to fluctuate unpredictably, while the pressure to increase the price of petroleum products in many countries, including Vietnam, is getting greater. If tensions continue to escalate, the market will witness many more price adjustments in the coming time.

Gasoline prices on June 23: Rising like a rocket after the US attacked Iran

Domestic gasoline prices

On the afternoon of June 19, the Ministry of Industry and Trade and the Ministry of Finance adjusted domestic gasoline prices to increase sharply, with the highest level being nearly VND1,500/liter depending on the type. This is the fourth consecutive increase, reflecting the complicated developments of the world energy market.

Specifically, the price of E5 RON92 gasoline increased by VND1,169/liter to VND20,631/liter, while RON95-III gasoline increased by VND1,277/liter to VND21,244/liter.

Oil products also increased simultaneously: diesel increased by 1,456 VND/liter, kerosene increased by 1,412 VND/liter and fuel oil increased by 1,182 VND/kg. Notably, in this adjustment period, there was no provision or expenditure from the Price Stabilization Fund.

According to the Ministry of Industry and Trade, the reason for the sharp increase in domestic prices is due to the sharp increase in world crude oil and finished product prices in the period from June 12 to June 18, mainly affected by geopolitical tensions in the Middle East and the Russia-Ukraine war.

On average, world petroleum product prices have increased from 8% to nearly 10%, with diesel and kerosene having the highest increases.

In this context, domestic consumers and transport businesses will continue to face increased cost pressure, especially if the global energy market's upward momentum shows no signs of cooling down.

Source: https://baonghean.vn/gasoline-price-dau-ngay-23-6-tang-nhu-ten-lua-sau-khi-my-tan-cong-iran-10300199.html