Gasoline price today August 22: Oil price increased by 1%
Oil prices today, August 22: World oil prices jumped 1% after many sessions of decline, when Russia-Ukraine negotiations were deadlocked and US consumption demand increased beyond forecasts.
World oil prices today
Brent crude rose 83 cents, or 1.2%, to $67.67 a barrel – its highest in two weeks. U.S. West Texas Intermediate (WTI) crude also rose 81 cents, or 1.3%, to close at $63.52 a barrel.
This is the second consecutive increase, following an increase of more than 1% in the previous session.
Oil markets turned cautious after earlier hopes that the US could push for reconciliation between Russia and Ukraine. However, both Moscow and Kyiv accused each other of stalling the talks.
Russia has launched a large-scale air strike near the Ukraine-EU border, while Ukraine claims to have destroyed a Russian oil refinery.
The risk of further sanctions against Russia is back, according to analysis by PVM Oil Associates.
Another important factor is the new report from the US Energy Information Administration (EIA). In the week ending August 15, US crude oil reserves fell by 6 million barrels, much higher than the forecast of only 1.8 million barrels.
This reflects strong domestic demand, in contrast to the oversupply outlook that the IEA and EIA had previously given for 2026.
Besides geopolitics and energy demand, the market is also closely watching the annual economic conference in Jackson Hole, Wyoming.
US Federal Reserve Chairman Jerome Powell is scheduled to speak on Friday, expected to signal a possible interest rate cut next month.
Domestic gasoline prices today
Domestic retail prices of gasoline on August 22 are as follows:
- E5RON92 gasoline: No higher than 19,354 VND/liter.
- RON95-III gasoline: No higher than VND 19,884/liter
- Diesel 0.05S: Not higher than 18,077 VND/liter
- Kerosene: Not higher than 18,020 VND/liter
- Mazut oil 180CST 3.5S: Not higher than 15,268 VND/kg.
In response to recent developments in world petroleum product prices, the domestic retail prices of petroleum products have been adjusted by the Ministry of Industry and Trade and the Ministry of Finance since the afternoon of August 14. Accordingly, petroleum prices have decreased across the board. E5RON92 gasoline price decreased by VND254/liter, RON95-III gasoline decreased by VND190/liter, diesel oil decreased by VND723/liter, kerosene decreased by VND640/liter, and fuel oil decreased by VND379/kg.
In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to continue not to set aside and not to use the petroleum price stabilization fund for E5-RON 92 gasoline, RON95 gasoline, diesel oil, kerosene and fuel oil products.
