Vietnam raises fuel prices for 2nd time in 3 days amid Middle East tensions

The Ministry of Industry and Trade said the adjustment was made under Resolution 36, which allows authorities to revise fuel prices outside the normal seven-day cycle when the base price of widely used petroleum products rises by seven percent or more compared with the previous pricing period.

Under the latest adjustment, 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.

Despite the sharp increases, authorities said the petroleum price stabilization fund was neither used nor replenished in this pricing round.

The new retail prices took effect from 3:00 pm (local time) on Saturday.

Retail prices are set by petroleum wholesalers and distributors but must not exceed the ceiling prices announced by the government.

Escalating military tensions between the United States, Israel, and Iran in the Middle East since February 27 have disrupted global fuel supplies, as about 20 percent of the world's oil passes through the Strait of Hormuz between Iran and Oman.

The Ministry of Industry and Trade said it would coordinate with relevant agencies to monitor the market and ensure petroleum traders maintain adequate fuel supply.