Vietnam raises gasoline prices, cuts kerosene, taps stabilization fund in latest fuel price adjustment

E5RON92 gasoline was capped at VND26,570 (US$1) per liter, up VND1,344 ($0.05) from the previous base price, while RON95-III rose VND2,073 ($0.08) to VND29,120 ($1.11) per liter.

Diesel 0.05S increased VND478 ($0.02) to VND30,717 ($1.17) per liter, while kerosene fell VND2,706 ($0.1) to VND32,385 ($1.23) per liter.

The price of 180CST 3.5S fuel oil rose VND3,380 ($0.13) to VND24,707 ($0.94) per kilogram, according to the ministry.

Authorities did not add to the petroleum price stabilization fund but drew from it to offset rising prices, using VND4,000 ($0.15) per liter for gasoline, VND5,000 ($0.19) per liter for diesel, and VND4,000 per liter for kerosene and fuel oil.

The adjustment follows government measures under Resolution 36 that allow fuel prices to be revised when base prices rise seven percent or more, without waiting for the usual seven-day review cycle.

The government has also reduced import tariffs on several fuel products under Decree 73, which took effect on Monday, in a move aimed at helping stabilize domestic fuel prices.

The new retail prices take effect from 11:45 pm (local time) on Tuesday, with fuel distributors required to apply the revised prices from that time.

The Ministry of Industry and Trade said it had asked fuel producers, distributors, and importers to ensure adequate supply for the domestic market, implement import and stockpiling plans, and diversify supply sources amid volatility linked to the ongoing conflict in the Middle East.

Military tensions involving 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 consumption passes through the Strait of Hormuz between Iran and Oman.

The ministry also required domestic refineries including Dung Quat and Nghi Son to maintain stable operations and report promptly if maintenance or technical issues affect fuel output.