The popular fuel E10 RON95 went up 6.6% to VND22,850 (US$0.87) per liter. Biofuel E5 RON92 added 7.2% to VND22,380. Diesel increased by 7.2% to VND27,620.
Global fuel prices have trended higher compared with a week earlier, driven by the escalating conflict between the U.S. and Iran, according to the Ministry of Industry and Trade and the Ministry of Finance.
RON95 added 5% to $121.3 per barrel, while diesel increased by 5.4% to $159.
Recently, many fuel retailers in Hanoi, HCMC, and several other localities have reported fuel shortages, particularly of diesel.
At times, tanker trucks have had to wait three to four days to collect supplies, while some gas stations have restricted sales or temporarily suspended operations because of insufficient inventory.
Tran Huu Linh, director general of the Agency for Domestic Market Management and Development under the Ministry of Industry and Trade, said the conflict in the Middle East has disrupted fuel procurement by petroleum wholesalers.
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An employee changes gasoline price tags at a station in Hanoi, March 2022. Photo by VnExpress/Ngoc Thanh |
At the same time, stronger demand in some localities has increased pressure on supply, forcing wholesalers to temporarily ration the volume of fuel released to the market.
However, he said the nationwide fuel supply remains secure, although localized shortages may occur, particularly for diesel.
He also did not rule out the possibility that some businesses are holding back inventory while waiting for prices to rise.