Gasoline prices today October 24, 2025: Sharp increase after new sanctions
Oil prices today October 24, 2025: Oil prices increased by nearly 5% when the US imposed sanctions on major Russian oil corporations, causing turmoil in the energy market.
World oil prices today October 24
World oil prices increased sharply by nearly 5%, immediately after the US announced new sanctions against two Russian oil giants, Rosneft and Lukoil.
The escalating tensions between Washington and Moscow pushed Brent crude oil prices up $2.99, or 4.8%, to $65.58 a barrel, while U.S. West Texas Intermediate (WTI) crude oil also rose $2.93 to $61.43 a barrel.
Chinese state-owned oil companies have suspended purchases of Russian oil shipped by sea from the two companies, further pushing up oil prices, trade sources said.
Oil prices' rally temporarily paused after Kuwait's oil minister said OPEC was ready to adjust output to offset supply shortages if necessary.
However, the need for refineries in China and India to find alternative sources due to concerns about being cut off from the Western financial system could keep oil prices volatile in the coming period.
These sanctions are forcing Asian importers to change their purchasing strategies, opening a new period of instability for the global oil price market, according to expert Ole Hansen of Saxo Bank.
The UK and the EU soon followed suit, with the UK imposing sanctions on Rosneft and Lukoil, while the EU passed its 19th package of sanctions, including a ban on Russian LNG imports. Immediately after the news, Brent and WTI oil prices both increased by more than $2/barrel due to concerns about supply disruptions.
India, once the biggest customer of Russian oil, may sharply cut imports or even stop buying oil from Russia altogether.
India’s largest private refiner, Reliance Industries, is considering halting purchases of Russian oil in the near future, sources said, a move that could put further upward pressure on global oil prices.
Some experts remain cautious about the actual impact of sanctions on oil prices. Similar measures over the past three years have not significantly reduced Russia’s oil production or revenues, according to Rystad Energy.
However, UBS forecasts Brent oil prices will fluctuate in the range of $60-70/barrel, with the possibility of strong fluctuations if Asian countries continue to cut imports from Russia.
In addition to geopolitical factors, new data from the US Energy Information Administration (EIA) showed that crude oil, gasoline and distillate inventories in the US all fell, reflecting rising demand that could support oil prices in the short term.
Gasoline price today October 24, 2025
Updating the price of gasoline on October 24, the Ministry of Finance - Ministry of Industry and Trade announced a reduction in retail prices. Specifically, from 3:00 p.m. on October 23, gasoline prices were simultaneously reduced compared to the previous adjustment period.
E5 RON 92 gasoline decreased by 170 VND/liter, to 19,050 VND/liter; RON 95 gasoline decreased by 180 VND/liter, to 19,720 VND/liter.
Meanwhile, diesel oil saw the biggest drop of VND540/liter, down to VND17,880/liter. Kerosene fell VND290/liter to VND18,110/liter and fuel oil fell VND280/kg to VND14,090/kg.
The regulatory agency said that this period, it will not set aside or spend money from the gasoline price stabilization fund.
With this adjustment, domestic gasoline prices have reversed after only one session of increase. Since the beginning of the year, RON 95 gasoline has increased 24 times and decreased 20 times; while diesel has increased 21 times, decreased 21 times and remained unchanged once.
