Fuel prices today, May 21, 2025: Crude oil surges dramatically.
Today's fuel prices (May 21st): World crude oil prices unexpectedly surged, raising concerns about the possibility of further increases in domestic refined fuel prices during the next adjustment period (May 22nd).
World crude oil prices
Specifically, as of 10:10 AM Vietnam time, WTI crude oil prices surged to $62.83 per barrel, an increase of $0.66, or 1.06%, compared to the previous session. Brent crude also recorded an increase of $0.93, reaching $66.30 per barrel, a rise of 1.39%.
Despite fluctuations in oil prices throughout the day, the average crude oil price in May remained lower than in April, with a decrease ranging from 0.3% to 0.9%. Compared to the same period in May 2024, oil prices are still approximately 21% lower.
According to Trading Economics, Brent crude oil prices are fluctuating around $65 per barrel amid investor concerns about the slow progress in nuclear negotiations between the US and Iran. Iran continues to assert that it will not abandon its uranium enrichment activities, while the US maintains a hardline stance.
Furthermore, although US President Donald Trump declared that Russia and Ukraine would “immediately” begin ceasefire negotiations after his phone call with President Putin, the market remains cautious as geopolitical factors remain unstable. These uncertainties continue to put upward pressure on global oil prices.
Domestic fuel prices on May 21st
On May 21st, domestic gasoline and diesel prices continued to remain high after the Ministry of Industry and Trade – Ministry of Finance announced an upward adjustment on May 15th. This price increase follows a series of fluctuations in the global market, clearly reflecting the impact of various geopolitical and international economic factors.
According to the new decision, each liter of E5 RON92 gasoline increased by 403 VND, to 19,180 VND/liter. RON95-III gasoline increased by 415 VND, reaching 19,594 VND/liter. Other petroleum products also saw significant increases: diesel increased by 419 VND to 17,228 VND/liter, kerosene increased by 285 VND to 17,226 VND/liter, and fuel oil surged by 627 VND to 16,160 VND/kg.
Notably, during this price stabilization period, the Ministry of Industry and Trade neither allocated funds nor disbursed any from the Price Stabilization Fund, indicating significant upward price pressure stemming from global market developments.
Between May 8th and May 14th, 2025, global refined petroleum product prices rose sharply due to several factors. Notable elements included the interim tariff reduction agreement between the US and China, increased tensions in the Middle East, OPEC+ increased oil production, and the ongoing Russia-Ukraine conflict showing no signs of abating.
On average, world oil prices increased by 2% to over 5% compared to the previous price adjustment period, leading to necessary adjustments in domestic prices. This trend is expected to continue impacting domestic retail prices in the next adjustment period if international crude oil prices continue to rise.
