Gasoline prices exceed 30,000 VND per liter

According to the adjustment of the Ministry of Industry, Trade and Finance, the price of RON 95-III gasoline (a popular type on the market) increased by 5,120 VND, to 30,690 VND per liter. Similarly, E5 RON 92 adds 4,670 VND, with a new price of 27,170 VND.

Oil products (except fuel) increased by 3,400-8,990 VND per liter depending on type compared to the previous operating period. Specifically, each liter of diesel and kerosene has new prices of 33,420 VND and 35,920 VND, respectively.

Currently, each liter of RON 95-III gasoline and diesel is 52% and 73% higher, respectively, than at the end of February – the time before the Middle East conflict.

According to the Ministry of Industry and Trade, the world petroleum market in this operating period (from March 12 to 19) is still influenced by factors such as the military conflict between the US, Israel and Iran with escalating tensions; Iran continues to control the Strait of Hormuz. Finished RON95 gasoline increased 16.4% to 150.4 USD per barrel, diesel oil increased 18.6%, kerosene 28.8% and mazut 13.1%.

With that development, to prevent gasoline prices from increasing too sharply, diesel and kerosene are spent from the fund at 4,000 VND, gasoline and fuel at 3,000 VND per liter. This is the sixth consecutive operating period in which inter-Ministerial expenditures have been made to use the Price Stabilization Fund even though the spending level is lower than in previous periods.

Gasoline and oil prices change as follows:

Unit: VND/liter or kg, depending on type.

After adjustment, RON-95 gasoline price is at its highest level since July 2022 – a period of energy crisis due to the war between Russia and Ukraine. But this level is still lower than the peak of 32,870 VND per liter set in June 2022. Kerosene and fuel oil both recorded record highs from 2019 onwards.

If the stabilization fund is not used, the price of RON95-III gasoline this period could reach 33,690 VND per liter, diesel 37,420 VND, kerosene 38,920 VND and mazut 25,180 VND per kg.

According to preliminary statistics of the Customs Department (Ministry of Finance), from the beginning of the year to the end of March 15, Vietnam imported nearly 2.71 million tons of petroleum of all kinds, with a turnover of more than 1.94 billion USD – an increase of 42-43% over the same period last year. In the first 15 days of March alone, the volume of imported petroleum increased by 41.4%, causing the value of turnover to increase by 89.2% over the same period.

In recent days, Prime Minister Pham Minh Chinh has called and sent official letters to leaders of many countries, and at the same time worked with ambassadors of countries in Vietnam, asking them to support oil sources and ensure energy security. For example, Vietnam has mobilized 4 million barrels of oil from partners, or requested access to Japan’s oil reserves… The Ministry of Industry, Trade and Finance also spent the Fund to stabilize gasoline prices at a high level, 4,000-5,000 VND per liter for gasoline and oil, and reduced the MFN preferential tax to 0% to support fuel prices.

At a working session with the Energy Security Working Group on March 17, the Prime Minister assessed the supply of petroleum and energy to ensure production and consumption and minimize negative impacts on people and businesses.