Oil, gold and gas prices continue to rise

Indomestic market, the selling price of gasoline and oil today is applied according to the price at the management session on the afternoon of May 22 of the Ministry of Finance - Industry and Trade.

Aboveworld market,Gasoline prices today (May 25) continued the upward trend from the previous 3 sessions.

Specifically, the price of RON 95 gasoline is 21,490 VND/liter. E5 RON 92 gasoline is 20,480 VND/liter. Diesel price increased to 17,950 VND/liter. Kerosene price decreased to 17,960 VND/liter.

Yesterday (May 24), world oil prices increased quite strongly due to increased demand but decreased supply.

Gasoline price on May 25.

According to data from Oilprice, at 10:03 a.m. on May 24 (Vietnam time), Brent crude oil price reached 77.52 USD/barrel, up 0.68 USD, equivalent to 0.88% compared to the previous session. Meanwhile, WTI oil price was at 73.65 USD/barrel, up 0.74 USD, equivalent to 1.01% compared to the previous session.

At 8:44 p.m. on May 24 (Vietnam time), Brent crude oil price reached 76.69 USD/barrel, up 0.7 USD, equivalent to 0.92% compared to the previous session. Meanwhile, WTI oil price was at 72.83 USD/barrel, up 0.78 USD, equivalent to 1.08% compared to the previous session.

Analysts say oil prices are rising due to increased demand, tight supply and investor optimism.

Gasoline prices continue to rise. Photo: Oilprice

Natural gas pricesin Asia fell to pre-Russia-Ukraine conflict levels in February 2022 as China, one of the world’s biggest fuel consumers, changed its purchasing patterns. One of the changes was a partial shift of supplies from Australia to Russia, where gas is cheaper due to the threat of Western sanctions.

Chinese buyers have now returned to the market but their purchases are modest so far in 2023, with an estimated 5.23 million tonnes expected to arrive in May, little changed from April’s 5.33 million and March’s 5.46 million.

In the domestic market,retail gas pricehas slightly increased since May 1st after 2 consecutive months of sharp decline. Thus, since the beginning of the year, domestic gas prices have decreased 3 times (January, March, April) and increased 2 times in February and May.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in May 2023 in the Hanoi market is 406,600 VND/12 kg household cylinder; 1,626,300 VND/48 kg industrial cylinder, respectively increasing by 1,360 VND/12 kg cylinder and 5,340 VND/48 kg cylinder (including VAT).

Southern Vietnam LPG Trading Joint Stock Company increased by VND167/kg (including VAT), equivalent to VND2,000/12 kg cylinder and VND7,500/45 kg cylinder compared to last month. The maximum retail gas price is VND420,000/12 kg cylinder, about VND1,575,000/45 kg cylinder, applied from May 1.

Similarly, Saigon Petro Company (SP gas) also increased the price by VND2,000/12 kg cylinder, but the maximum retail price is VND401,000/cylinder.

The reason for the slight increase in domestic gas prices is that the average world gas price contract for May 2023 was at 555 USD/ton, an increase of 5 USD/ton compared to April, so domestic enterprises made adjustments according to the corresponding increase.