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| Gasoline prices today, January 25, continued the upward trend from the previous session. Brent crude oil prices have surpassed the 80 USD/barrel mark. Domestically, gasoline prices may increase sharply this afternoon. |
According to data from Oilprice , at 9:00 a.m. on January 25 (Vietnam time), Brent oil was trading at $80.19/barrel, up $0.15, or 0.19%, from the previous session. WTI oil was at $75.23/barrel, up $0.19, or 0.23%, from the previous session.
On January 24, world oil prices reversed to increase after a slight decrease in the previous session.
Data from Oilprice shows that at 8:30 p.m. on January 24 (Vietnam time), Brent crude oil was trading at $79.86 per barrel, up $0.31, or 0.39%, from the previous session. WTI crude oil was at $74.79 per barrel, up $0.42, or 0.56%, from the previous session.
Oil prices rose as investors were pressured by rising geopolitical tensions and improving oil demand.
Tensions in the Middle East remain elevated, raising the risk of supply disruptions in the region. Tensions rose after US and UK forces carried out a second joint strike on Houthi positions in Yemen.
The US has recently carried out several strikes in Iraq, targeting facilities linked to Iran-backed militias.
Oil prices also rose after a fire forced the closure of Ust-Luga, a major fuel export terminal on the Baltic Sea. Novatek, Russia’s largest producer of liquefied natural gas, said it was forced to halt operations at the port, raising concerns about supplies.
Oil prices also rose due to improved demand. Sources cited data from the American Petroleum Institute (API) on November 23, saying that US oil inventories fell by 6.67 million barrels in the week ending January 19.
Recently, the US has been suffering from severe cold weather, causing oil production to stagnate in some states, especially North Dakota and Texas.
In North Dakota, the third-largest oil-producing state in the US, some oil production has been restored after weather-related disruptions. But production is still down by 300,000 barrels per day, according to Reuters .
Domestic retail prices of gasoline on January 25 are as follows:
E5 RON 92 gasoline is not more than 21,418 VND/liter. RON 95-III gasoline is not more than 22,482 VND/liter. Diesel oil not more than 20,194 VND/liter. Kerosene not more than 20,536 VND/liter. Fuel oil not exceeding 15,508 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of January 18. In this adjustment, the price of RON 95-III gasoline increased the most, by 547 VND/liter. Notably, while diesel and kerosene both increased in price, fuel oil was adjusted down by 307 VND/kg.
This is the second increase in gasoline prices since the beginning of the year.
In this management session, the joint ministries continued to criticize the establishment of the Price Stabilization Fund for fuel oil, 300 VND/liter; not deducting the Price Stabilization Fund for gasoline, diesel oil and kerosene; not using the fund for all gasoline products.
Leaders of some petroleum companies said that domestic gasoline prices in today's management session are likely to increase following the trend of world gasoline prices. If the management agency does not spend the Petroleum Price Stabilization Fund, gasoline prices may increase by 700-950 VND/liter. Diesel prices may increase slightly.
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