Increase both domestically and internationally

In the world market, oil prices also increased sharply due to many geopolitical and economic factors.

According to an update from Oilprice at 7:30 a.m. Vietnam time, WTI oil price increased by 1.10 USD/barrel, equivalent to 1.64%, to 68.26 USD/barrel. Brent oil also increased by 1.22 USD/barrel, equivalent to 1.72%, to 72.00 USD/barrel.

The main reason for the increase in oil prices is that the US has just imposed new sanctions on Iran. These measures target some entities in China and oil tankers, causing a tight supply.

In addition, OPEC+ also announced a plan to continue production cuts for seven countries, with cuts ranging from 189,000 to 435,000 barrels per day. This plan is expected to last until June 2026 to control global supply and stabilize the market.

In the US, a new report showed that crude oil inventories increased by 1.7 million barrels while distillate fuels such as heating oil and diesel decreased by 2.8 million barrels. This development added to market concerns about the supply-demand imbalance.

The geopolitical situation in the Middle East is also becoming more tense, especially after Israel expanded its military campaign in Gaza. These developments have further increased global risks, pushing oil prices higher.

In the short term, Brent oil prices are forecast to jump to $70-75 per barrel, before returning to an average of around $73 this year.

From 3:00 p.m. on March 20, domestic gasoline prices continued to be adjusted, with gasoline and kerosene prices increasing, while diesel remained at the old level.

RON 95-III gasoline, a popular type on the market, increased by VND440/liter to VND20,080/liter. E5 RON 92 gasoline also increased by VND410/liter to VND19,690/liter.

Meanwhile, diesel remained unchanged at VND17,890 per liter. Kerosene increased slightly to VND18,110 per liter, while fuel oil decreased slightly to VND16,950 per kilogram.

The operator said that fuel prices fluctuated last week due to many factors, including a decrease in US petroleum reserves, escalating tensions in the Middle East and US tax policies on imported goods.

On average, over the past 7 days, world gasoline prices increased by 2.7-2.8%, while oil prices (excluding diesel) decreased slightly by 0.2-0.5%. Currently, each barrel of RON 95 gasoline is at 80.8 USD, diesel is up to 84.1 USD, and fuel oil has decreased to 462.6 USD/ton.

From May 2, the Ministry of Industry and Trade will directly announce gasoline prices according to Circular 18. This new management mechanism eliminates the role of the Finance - Industry and Trade interdisciplinary team. Instead, retail prices will be determined based on input data and management opinions of the Ministry of Finance.

Fuel products whose prices have been announced by the Ministry of Industry and Trade include E5 bio-gasoline, RON 95-III mineral gasoline, diesel oil, kerosene and fuel oil.

In addition, new regulations on reporting on petroleum warehouses have also been added. Key enterprises and distributors with petroleum warehouses for lease or rent must report quarterly on total capacity, output and warehouse rental status. This is to ensure transparency and stability of supply in the market.

Source: https://baoquangnam.vn/gasoline-price-today-21-3-2025-increases-in-nuoc-va-quoc-te-3151077.html