Vietnam mobilizes 4 million barrels of oil to secure energy supply

The government leader made this announcement during a conference co-chaired by him and National Assembly (NA) chairman Tran Thanh Man.

The conference between the NA Party Committee's Standing Board and the Standing Board of the Government Party Committee focused on preparations for the first sitting of the 16th National Assembly.

According to the plan, the sitting will open on the morning of April 6 and is expected to close on April 25, taking place in two phases.

Lawmakers will review organizational and personnel matters, legislative work, as well as issues related to supervision, socio-economic development, and the state budget.

Speaking at the conference, chairman Man noted that the prime minister has been urgently engaging with leaders of several countries to seek cooperative solutions for sharing energy resources in order to maintain domestic stability.

Recent media coverage of global developments has prompted several residents to purchase gasoline and diesel for storage, he said.

However, fuel stockpiling at homes or within residential areas could pose fire and explosion risks.

He urged relevant authorities, particularly the police force, to strengthen inspections and ensure compliance with fire prevention and safety regulations.

Meanwhile, Prime Minister Chinh said the government has been continuously directing ministries and agencies to respond proactively to evolving international developments.

Securing about four million barrels of oil from external partners will help stabilize supply in the short term, calm market sentiment, and protect the daily lives of residents, he said.

Amid increasingly complicated global conditions, the prime minister emphasized that coordination between the government and the National Assembly must become even closer and more effective.

On March 7, Chinh chaired a meeting with the Policy Advisory Council to review socio-economic performance in February and the first two months of 2026, as well as new global developments affecting Vietnam and key priorities for the months ahead.

He called on ministries, agencies, and local authorities to act decisively, proactively, and creatively within their respective responsibilities to implement comprehensive solutions.

In particular, the immediate priority in the energy sector is to ensure there are no shortages of fuel, electricity, or other energy sources.

Also, the prime minister described the current situation as an opportunity to accelerate the transition toward green energy and to better harness the country’s unique potential, emerging opportunities, and competitive advantages.

Vietnam’s total fuel consumption reached nearly 26.4 million cubic meters / metric tons in 2025, equivalent to an average monthly demand of about 2.2 million cubic meters / metric tons.

Inventory levels at the end of 2025 stood at around 1.7 million cubic meters / metric tons, meeting regulatory reserve requirements.

During the latest adjustment on March 7, the retail price of RON95-III gasoline was capped at VND27,047 (US$1.03) per liter, up VND4,707 ($0.18) from the previous base price.

The price of E5 RON92 gasoline rose by VND3,777 ($0.14) to a maximum of VND25,226 ($0.96) per liter.

Diesel 0.05S increased by VND7,207 ($0.27) to no more than VND30,239 ($1.15) per liter, while kerosene rose by VND8,490 ($0.32) to VND35,091 ($1.34) per liter.

The price of 180CST 3.5S fuel oil increased by VND3,831 ($0.15) to a maximum of VND21,327 ($0.81) per kilogram.

The Middle East conflict escalated on February 27 after the U.S. and Israel carried out air strikes on multiple targets in Iran.

Tehran later responded with attacks on Israeli territory and missile launches targeting dozens of U.S. bases in Gulf countries, including the United Arab Emirates, Kuwait, Saudi Arabia, Qatar, Bahrain, and Oman, resulting in casualties and property damage.

Iran has announced the closure of the Strait of Hormuz, through which around a fifth of global oil consumption passes, disrupting global fuel supplies.