Vietnam's Gasoline Prices Rise for Third Consecutive Time Amid Supply Concerns

Gasoline and oil prices in Vietnam have been adjusted upwards for the third consecutive time, effective from 3 PM today, following global energy market trends. The Ministry of Industry and Trade and the Ministry of Finance announced this adjustment, citing the escalating conflict between the US and Iran as a primary driver for the recent surge in global energy prices. According to the joint statement, the price of RON 95-III gasoline, used for E10 RON 95-III blending, increased by nearly 5% to $121.3 per barrel. Diesel prices rose by 5.4% to $159 per barrel, and mazut (fuel oil) saw a 2.8% increase to $561.5 per tonne. In this adjustment period, the regulatory bodies decided to suspend the allocation of funds to the petroleum stabilization fund and, instead, allow for expenditures from it. Specifically, 500 VND per liter/kg will be disbursed for bio-gasoline, 1,000 VND for diesel, and 500 VND for mazut. As a result, the price of E10 RON 95-III gasoline has increased by 1,420 VND to 22,850 VND per liter. The price of E5 RON 92 gasoline has risen by 1,500 VND to 22,380 VND per liter. Similarly, diesel and mazut prices have gone up by 910-1,860 VND per liter/kg, with diesel now priced at 27,620 VND per liter and mazut at 16,470 VND per kg. Recently, many retail businesses in Hanoi, Ho Chi Minh City, and other localities have reported gasoline and oil shortages, particularly for diesel. At times, fuel trucks have had to wait 3-4 days for delivery, and some stations have limited or temporarily halted sales due to insufficient stock. Tran Huu Linh, Director General of the Domestic Market Department under the Ministry of Industry and Trade, stated that the conflict in the Middle East has affected the supply generation for petroleum wholesale businesses. Meanwhile, increased consumption in certain areas has heightened supply pressure, forcing wholesale businesses to regulate their short-term sales volumes. However, Linh assured that the overall gasoline and oil supply nationwide remains guaranteed, though localized shortages, especially for diesel, may occur. He also did not rule out the possibility of businesses holding back sales in anticipation of further price increases.