As of May 1, 2025, domestic gasoline prices in Vietnam remained stable, following the last adjustment made on April 24, 2025. The prices for various fuel types are as follows: gasoline RON 95-III is capped at 19,630 VND per liter, while gasoline E5 RON 92 does not exceed 19,230 VND per liter. Diesel 0.05S is limited to 17,520 VND per liter, kerosene is capped at 17,710 VND per liter, and mazut is limited to 16,520 VND per kilogram.
Since the beginning of the year, the price of gasoline RON 95-III has seen fluctuations, increasing nine times and decreasing eight times. Diesel has experienced eight price hikes, remained unchanged once, and decreased eight times. As a result, the gasoline prices on May 1, 2025, remained unchanged from the previous day.
On the global stage, crude oil prices showed an upward trend on May 2, 2025. Specifically, crude oil for September 2025 delivery on the Tokyo exchange traded at 54,670 JPY per barrel, reflecting a 2.15% increase. Meanwhile, Brent oil for June 2025 delivery on the ICE exchange was priced at 62.08 USD per barrel, up by 0.32%, while WTI oil for May 2025 delivery held steady at 59.18 USD per barrel, marking a slight decrease of 0.10%.
The global oil market is currently influenced by geopolitical tensions. Former President Trump recently announced that all purchases of oil or petrochemical products from Iran must cease immediately, warning that any country or individual continuing these purchases would face secondary sanctions. This declaration came just ahead of negotiations regarding Iran's nuclear program, which were scheduled to take place in Rome on May 3, 2025, but have now been postponed.
Andrew Lipow, Chairman of Lipow Oil Associates, stated that if the Trump administration successfully implements these secondary sanctions on oil purchases from Iran, it could potentially reduce global supply by approximately 1.5 million barrels per day. He noted that the current low oil prices are providing the Trump administration with leverage to enforce stricter sanctions, especially as OPEC+ continues to produce above its quota and plans to increase output.
In the midst of these developments, some OPEC+ countries are advocating for a production increase in June, marking the second consecutive month of proposed hikes. An OPEC+ meeting is scheduled for May 5, 2025, where the group will decide on the production plan for the upcoming month.
On May 2, 2025, the domestic fuel prices were confirmed again, with gasoline RON 95-III capped at 19,630 VND per liter and gasoline E5 RON 92 not exceeding 19,230 VND per liter. Diesel 0.05S remained at 17,520 VND per liter, kerosene at 17,710 VND per liter, and mazut at 16,520 VND per kilogram. These prices were set by the Ministry of Industry and Trade - Finance during the price adjustment session on April 24, 2025.
In the latest price adjustments, gasoline E5 RON 92 saw an increase of 740 VND per liter, bringing it to 19,238 VND per liter, while gasoline RON 95 increased by 782 VND per liter to 19,638 VND per liter. Diesel 0.05S also increased by 487 VND per liter, reaching 17,520 VND per liter, and kerosene rose by 531 VND per liter to 17,715 VND per liter. Mazut 180CST 3.5S increased by 564 VND per kilogram, now priced at 16,524 VND per kilogram.
The next price adjustment session is set for the afternoon of May 5, 2025, a change from the usual Thursday schedule, due to the national holiday. Currently, the Ministry of Industry and Trade - Finance is not utilizing the Price Stabilization Fund for the aforementioned fuel products.
As of 5 PM on May 2, 2025, global oil prices reflected some declines, with Brent oil trading at 63.50 USD per barrel, down 1.20% (equivalent to a decrease of 0.77 USD per barrel). WTI oil was recorded at 60.07 USD per barrel, a drop of 0.60% (equivalent to a decrease of 0.36 USD per barrel).
In light of these developments, experts are cautioning that the demand for oil consumption in the United States is showing signs of weakening. A report released on April 30, 2025, indicated that the U.S. economy slowed down in the first quarter, marking the first decline since 2022. This slowdown has been attributed to increased imports by businesses looking to avoid the rising costs associated with the unpredictable tariff policies of the Trump administration.
Many analysts warn that this trend could lead to a slowdown in global growth in the upcoming months, impacting not only oil prices but the broader economy as well. With OPEC+ meetings approaching and geopolitical tensions rising, the oil market remains on edge, watching for any updates that could further influence supply and demand dynamics.