Written by: Fatima Younes
Fuel markets in Vietnam witnessed new changes in the price structure, under a joint decision issued by the Ministry of Industry and Trade and the Ministry of Finance, which began implementation as of 3:00 PM on October 22. The decision included a significant reduction in gasoline prices, with diesel and fuel oil prices moving upward.
Details of fuel price adjustments
According to the new pricing, the price of a liter of E5RON92 gasoline decreased by 1,610 VND, reaching a price ceiling not exceeding 25,361 VND. The price of E10RON95-III gasoline also fell by 1,816 VND, bringing its maximum price to 25,213 VND per liter.
Conversely, diesel 0.05S prices rose by 444 VND per liter, reaching a maximum of 29,550 VND. The price of 180CST 3.5S fuel oil also saw an increase of 1,238 VND per kilogram, reaching 23,373 VND.
Stabilization and monitoring mechanisms
In line with market stabilization policies, the relevant authorities decided to allocate 300 VND per liter of bio-gasoline to the fuel price stabilization fund. The Ministry of Industry and Trade, in coordination with the competent authorities, is working to intensify inspection and monitoring operations to ensure that petroleum traders are committed to providing supplies in the local market, with emphasis on dealing firmly with any violations or irregularities.
Factors affecting energy markets
This adjustment comes in light of the fluctuations in global oil markets, as the Ministry attributed these changes to a set of international factors, including the continued geopolitical tensions between Russia and Ukraine, the impact of attacks on oil facilities in the region, in addition to security incidents experienced by oil tankers in vital waterways. Despite these changes, fuel prices in Vietnam remain competitive and relatively stable when compared to the prices prevailing in neighboring countries.
