HCMC – Retail gasoline prices rose sharply in Vietnam from 3 p.m. on March 7, with RON95-III surging to VND27,047 per liter, according to the ministries of Industry-Trade and Finance.
E5 RON92 gasoline rose by VND3,777 to VND25,226 per liter. RON95-III rocketed by VND4,707 to VND27,047 per liter.
Most oil products were also adjusted upward. Diesel oil shot up by VND7,207 to VND30,239 per liter. Kerosene increased by VND8,490 to VND35,091 per liter, while heavy fuel oil climbed by VND3,831 to VND21,327 per kilogram.
The Ministry of Industry and Trade announced the adjustments in an urgent notice sent to fuel wholesalers and distributors.
During this pricing cycle, the ministries of Industry and Trade and Finance decided not to allocate or use the fuel price stabilization fund for any products. The decision was based on global fuel price movements, fluctuations in the Vietnam dong–U.S. dollar exchange rate, and current regulations.
The new base prices apply from the time of the announcement until the next price review by the Ministry of Industry and Trade. Fuel trading companies must adjust their retail prices in line with the regulations.
The Ministry of Industry and Trade said it will continue coordinating with relevant agencies to inspect and monitor the market to ensure adequate fuel supply and handle violations if detected.
The latest price adjustment follows Government Resolution 36/NQ-CP, which aims to keep domestic fuel prices aligned with global market movements.
Authorities will also maintain a price gap between E5 RON92 biofuel and RON95 gasoline to encourage the use of biofuels.
The Ministry of Industry and Trade attributed the global price increase to several factors between March 5 and March 6. These included military tensions involving the United States, Israel and Iran, and Iran’s blockade of the Strait of Hormuz.
Some refineries in the Middle East, China and India reduced or suspended operations. At the same time, countries including China, Japan and Thailand restricted fuel exports to prioritize domestic supply, while stockpiling increased in several markets.
These factors tightened global supply and pushed international fuel prices higher in recent days.
