Fuel prices today, January 23rd: Gasoline prices slightly decrease, world oil prices fall further to the $64 mark.
World oil prices fell by more than 2% as geopolitical risks eased and US inventories rose. Domestically, the price of RON 95 gasoline decreased to 18,631 VND/liter from the afternoon of January 22nd.
The global energy market saw a sharp correction on January 22nd as geopolitical factors that had previously driven oil prices showed signs of easing. In Vietnam, gasoline prices were also slightly adjusted downwards in line with the general trend, while refined petroleum products recorded significant increases.
Global market: Brent and WTI oil prices both fall sharply.
According to Reuters data, at the close of trading on January 22, Brent crude oil prices fell by $1.18 (equivalent to 1.8%), closing at $64.06 per barrel. At the same time, US WTI crude oil prices fell by $1.26 (equivalent to 2.1%), to $59.36 per barrel.
This decline reflects the weakening of the geopolitical "risk premium." US President Donald Trump said Washington had reached an agreement with the North Atlantic Treaty Organization (NATO), guaranteeing permanent access to Greenland. In return, NATO would strengthen security in the Arctic to counter Russia and China.
Geopolitical factors and supply chain factors impact the market.
Besides the Greenland agreement, the prospect of ending the Russia-Ukraine conflict is also putting pressure on prices. Ukrainian President Volodymyr Zelensky said that security guarantees had been finalized after talks with President Trump in Davos. Analysts believe that if sanctions against Russia are eased, supply from the world's third-largest oil producer could return to the market.
On the US supply side, the Energy Information Agency (EIA) reported that crude oil inventories for the week ending January 16 increased by 3.6 million barrels, three times higher than forecasts. However, Amin Nasser, CEO of Saudi Aramco, argued that concerns about oversupply are being exaggerated as actual demand continues to grow.
Domestic fuel prices updated on January 23, 2026.
In the domestic market, retail prices of petroleum products are being applied according to the adjustments made by the Ministry of Industry and Trade – Ministry of Finance from 3 PM on January 22nd. Specifically:
| Item | Retail price (VND/liter or kg) | Fluctuation (VND) |
|---|---|---|
| E5 RON 92 gasoline | 18,283 | -93 |
| RON 95-III gasoline | 18,631 | -81 |
| Diesel fuel 0.05S | 17,700 | +413 |
| Oil | 17,950 | +253 |
| Fuel oil 180CST 3.5S | 13,872 | +471 |
During this price adjustment period, the regulatory agency did not make any contributions to or use of the Price Stabilization Fund for any commodity. Since the beginning of 2026, domestic gasoline prices have been adjusted 53 times, including 26 decreases and 21 increases.
Short-term trend forecast
Tony Sycamore, an analyst at IG, believes that barring any new geopolitical shocks, oil prices are likely to stabilize around $60 per barrel. Furthermore, the resumption of oil exports from Venezuela by companies like Vitol and Trafigura is expected to add to global supply in the near future.
