Written by: Basant El-Farmawy
Fuel prices in Vietnam have seen notable changes, with gasoline prices recording a sharp decline, while diesel and fuel oil prices have followed an upward trajectory. These adjustments were based on a joint plan between the Ministry of Industry and Trade and the Ministry of Finance, which came into effect on the evening of October 22.
Details of gasoline price adjustments
According to official data, the price of E5RON92 gasoline decreased by 1,610 Vietnamese dong per liter, reaching the level of 25,361 Vietnamese dong per liter. E10RON95-III gasoline also saw a larger decrease of 1,816 Vietnamese dong per liter, settling at a maximum of 25,213 Vietnamese dong per liter. Notably, this adjustment made the price of E10RON95-III lower than the price of E5RON92 by 148 Vietnamese dong per liter, a shift from the pricing trend in previous periods.
Rise in diesel and fuel oil prices
In contrast to the decline in gasoline prices, 0.05S diesel recorded an increase of 444 Vietnamese dong per liter, bringing its maximum price to 29,550 Vietnamese dong per liter. In the same context, the price of 180CST 3.5S fuel oil increased by 738 Vietnamese dong per kilogram, reaching the level of 23,373 Vietnamese dong per kilogram.
Influencing factors and supply security
These price adjustments are based on fuel price movements in global markets and fluctuations in the local currency exchange rate against the US dollar. As part of price management, it was decided to allocate 300 Vietnamese dong per liter to the biofuel price stabilization fund without using it during the current adjustment period.
The relevant authorities are working to monitor local and international markets to ensure energy security and supply stability. It was also emphasized that major oil traders and producers must ensure the availability of sufficient quantities of gasoline and diesel to meet production and business needs and ensure the continuity of daily life, with a note on the importance of diversifying local and imported supply sources to cope with any global fluctuations.
