Gasoline price today May 16: Slight increase at the beginning of the session

World crude oil prices

At 7:00 a.m. Vietnam time, WTI oil price increased by 0.06 USD/barrel (0.10%), reaching 61.68 USD/barrel. Brent oil increased by 0.07 USD/barrel (0.11%), reaching 64.60 USD/barrel.

Earlier, world oil prices fell on news that the US and Iran could be close to a new nuclear deal. If sanctions are lifted, Iran could return about 800,000 barrels of oil per day to the market, creating downward pressure on prices. Both the US and Iran have signaled a willingness to negotiate, causing investors to worry about oversupply.

Meanwhile, tensions in Eastern Europe have not cooled down. Russian President Vladimir Putin has refused Ukraine's invitation to direct negotiations, leaving the prospects for peace talks deadlocked.

In addition, a report from the US Energy Information Administration (EIA) showed that the country's crude oil inventories unexpectedly increased by 3.5 million barrels last week, reaching 441.8 million barrels - completely opposite to analysts' expectations of a decrease of 1.1 million barrels.

On the demand side, the International Energy Agency (IEA) slightly increased its 2025 oil consumption forecast by 20,000 barrels to 740,000 barrels per day (bpd) thanks to the economic recovery prospects and low oil prices. However, this growth rate is forecast to slow to around 650,000 bpd in the second half of the year due to the rapid development of electric vehicles and unfavorable economic factors.

In that context, OPEC+ still maintains its plan to increase production, but has slightly adjusted down its expectations for supply from the US and other countries outside the bloc this year. This partly supports oil prices, although the market still has many unpredictable fluctuations.

Domestic gasoline prices today May 16

In the adjustment period of May 15, 2025, domestic gasoline prices continued to increase slightly for all products compared to the previous adjustment (May 8).

E5 RON 92 gasoline increased by 403 VND/liter, bringing the maximum price to 19,180 VND/liter. RON 95 gasoline also increased by 415 VND/liter, not higher than 19,594 VND/liter.

The price of 0.05S diesel increased by 419 VND/liter, reaching 17,228 VND/liter. Kerosene increased by 285 VND/liter, reaching a maximum of 17,226 VND/liter. Notably, 180CST 3.5S mazut oil increased sharply by 627 VND/kg, currently being sold at a maximum of 16,160 VND/kg.

In this operating period, the Ministry of Industry and Trade - Ministry of Finance decided not to set aside and not to use the Price Stabilization Fund for all of the above-mentioned products.