HCMC – Starting last night, E5RON92 biofuel dropped by VND3,619 to VND22,951 per liter, while RON95-III petrol fell by VND3,880 to VND25,240 per lite, marking the first decrease after a series of sharp increases since mid-February.
Oil products also saw significant reductions, notably kerosene, which plunged by nearly VND8,000 to VND24,419 per liter in this latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
Over the past three weeks, RON 95-III prices skyrocketed, rising from VND19,152 on February 19 to VND20,151 on February 26. The surge intensified in early March as prices hit VND22,340 on March 5, before surging past the VND27,000 mark just two days later.
The rally peaked at a record VND29,120 per liter on March 10, meaning prices had surged by nearly VND10,000 in less than a month before the current intervention brought them back toward the VND25,000 level.
To achieve this “U-turn,” the Government tapped into the fuel price stabilization fund for the second time in three years, injecting VND4,000–5,000 per liter. Reportedly, approximately four million barrels of oil have been mobilized from partners to bolster supply, ensuring nationwide consumption for the next 30–45 days.
Additionally, the most favored nation (MFN) import tax on petrol has been slashed to 0% apart from a proposal to reduce the environmental protection tax to zero. If approved on March 12, consumers could see prices drop by another VND1,000–2,000 per liter.
