The popular fuel RON95 jumped 20% to VND30,690.
Biofuel E5 RON92 gained 20.7% to VND22,170.
Diesel increased 23.7% to VND33,420.
RON95 and diesel are now 52% and 73% higher than the end of February, just before the beginning of the Middle East conflict.
The global petroleum market in recent days is influenced by factors including escalating tensions arising from military conflicts involving the U.S., Israel and Iran, with the latter controlling the Strait of Hormuz.
Globally RON95 gasoline rose 16.4% to $150.4 per barrel, diesel increased 18.6%, kerosene 28.8%, and fuel oil 13.1%.
The government in this adjustment has subsidized diesel by VND4,000 per liter and gasoline and other fuels VND3,000. This was the sixth time in a row subsidies were used.
RON95 in Vietnam is now highest since July 2022, when fuel prices globally were in crisis due to the Russia-Ukraine conflict. It remains lower than the VND32,870 level established in June 2022. Kerosene and fuel oil are now at the highest since 2019.
From the beginning of the year to March 15, Vietnam imported nearly 2.71 million tonnes of petroleum products, with a total value of more than $1.94 billion up 42–43% year-on-year.
In the first 15 days of March alone, import volumes rose 41.4%, pushing import value up 89.2% compared with the same period last year.
Prime Minister Pham Minh Chinh in recent days has held phone calls and sent official letters to leaders of several countries, while also meeting with ambassadors in Vietnam, requesting support for oil supplies to ensure energy security.
Vietnam has secured 4 million barrels of oil from partners and has sought access to oil released from Japan’s strategic reserves.
The Ministry of Industry and Trade and the Ministry of Finance have also drawn heavily on the petroleum price stabilization fund while reducing the preferential MFN import tariff to 0% to help ease fuel prices.
At a working session with the Energy Security Task Force on March 17, PM Chinh said that fuel and energy supplies remain sufficient to support production and consumption and negative impacts on the public and businesses have been minimalized.
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