HCMC – Most fuel prices increased in Vietnam from 10 p.m. on March 12, with RON95-III gasoline edging up VND335 to VND25,575 per liter, according to the ministries of Industry and Trade and Finance.
E5 RON92 gasoline moved in the opposite direction, dropping VND447 to VND22,504 per liter.
Diesel oil rose VND555 to VND27,025 per liter, while kerosene surged VND2,513 to VND26,932 per liter. Heavy oil fell VND340 to VND18,661 per kilogram.
Authorities continued to tap the petroleum price stabilization fund for the third consecutive pricing cycle. The fund was used at VND4,000 per liter for RON95-III gasoline, kerosene and heavy oil, and VND5,000 per liter for diesel.
The price adjustment was implemented earlier than usual under Government Resolution 36 issued on March 6. Prime Minister Pham Minh Chinh approved the use of the fuel price stabilization fund from March 11 at a meeting of the energy security task force on March 10.
Tax measures have also been introduced to support supply. The most-favored-nation import tariff on gasoline and some blending materials has been cut to 0%, allowing companies to increase imports from markets without free trade agreements with Vietnam.
Separately, the Ministry of Finance is proposing to reduce the environmental protection tax on fuel to zero from March 12. If approved, gasoline prices could fall by about VND1,000-2,000 per liter.
