Gasoline price today June 20, 2025: Strong increase, risk of exceeding 80 USD/barrel
Oil prices today, June 20: World oil prices rebounded amid escalating tensions in the Middle East, raising concerns about the risk of supply disruptions in the key region.
World oil prices
Brent crude rose $1.48, or 1.9 percent, to $78.18 a barrel, Reuters reported. WTI crude rose more sharply, up $1.72, or 2.3 percent, to $76.86 a barrel. This increase has led many analysts to predict that oil prices could soon surpass $80 a barrel.
Citibank forecasts that if the Iran-Israel conflict persists and affects oil exports from Iran, OPEC's third-largest producer with an output of about 3.3 million barrels per day, Brent crude oil prices could rise 15 to 20 percent from pre-crisis levels, even reaching $90 per barrel.
However, a more serious scenario would be a blockade of the Strait of Hormuz, a route through which about 20% of global oil flows, which could push oil prices to $120-$130 a barrel, according to JP Morgan. However, experts also said that if this situation occurred, the impact would only be temporary as the countries involved would quickly act to reopen this strategic shipping route.
On the other hand, weak demand, especially from China, along with additional supply from other regions, is expected to help stabilize the market and avoid too large price shocks in the long term.
Domestic gasoline prices
On the afternoon of June 19, the Ministry of Finance and the Ministry of Industry and Trade decided to sharply increase the retail price of gasoline and oil in the country. With the developments in world oil prices, this increase may not stop in the next adjustment period.
Specifically, the price of E5 RON92 gasoline was adjusted to VND20,631/liter, an increase of VND1,169; RON95-III gasoline to VND21,244/liter, an increase of VND1,277. Diesel increased the most, by VND1,456/liter, to VND19,156/liter. Kerosene has a new price of VND18,923/liter, an increase of VND1,412; fuel oil increased by VND1,182, to VND17,643/kg.
Notably, in this adjustment period, the joint ministries did not set aside or use the Petroleum Price Stabilization Fund. With global crude oil prices still hovering around 75-76 USD/barrel and geopolitical tensions in the Middle East, domestic petroleum prices are forecast to continue to increase in the upcoming adjustment period.
