HCMC – Domestic fuel prices skyrocketed in the latest adjustment at 11 p.m. on March 19, with RON95-III gasoline hitting a historic peak of VND30,690 per liter.
In an urgent directive from the Ministry of Industry and Trade last night, prices were hiked by VND5,115 VND per liter for RON95-III and VND4,673 for E5RON92. The most dramatic surges were recorded in the oil sector, where diesel rose to VND33,420 per liter (up VND6,395) and kerosene jumped by nearly VND9,000 to reach VND35,926.
These record-breaking prices would have been significantly higher without the aggressive intervention of the fuel price stabilization fund. To curb the inflationary pressure, the inter-ministerial task force (ministries of industry and trade and finance) authorized a massive payout of VND3,000 to 4,000 per liter across all fuel grades.
The MoIT has ordered all fuel traders and distributors to ensure a steady supply and strictly warned against any hoarding or price manipulation. Market surveillance teams will be deployed nationwide to penalize violators as the government continues to track international oil trends to propose further stabilization measures to the Prime Minister.
Previously, on March 14, authorities utilized the fund to subsidize biofuel and unleaded gasoline by VND4,000 per liter, and diesel by VND5,000. These measures succeeded in maintaining price stability over the past week, delaying the impact of global energy volatility until this latest adjustment.
