The Inter-Ministerial Committee of Industry and Trade - Finance announced that global fuel markets have recently been impacted by news of the US and Iran signing a memorandum of understanding for a peace agreement to end their conflict and simultaneously reopen the shipping route through the Strait of Hormuz.

These factors led to a downward trend in global fuel prices compared to seven days ago. A barrel of RON 92, used for blending E5 RON 92, dropped by 7,28% to 107,9 USD. Similarly, the base RON 95 gasoline for E10 RON 95-III blending decreased to 110,9 USD per barrel. Diesel prices fell by 12,9%, and mazut by 14,7%.

This marks the third adjustment period since E10 gasoline (a blend of 10% ethanol with RON 95 mineral gasoline) was introduced. During this adjustment, the Inter-Ministerial Committee began announcing the base price for E10 gasoline. The E10 RON 95-III price is now 20,750 dong per liter, a reduction of 1,310 dong from the previous period's retail price.

Similarly, E5 RON 92 also decreased by 1,210 dong, reaching 20,120 dong per liter. Oil products also saw reductions from the last adjustment. Diesel is 2,340 dong lower per liter, and mazut dropped by 1,920 dong compared to seven days prior.

Fuel and oil prices changed as follows:

From 1/6, all RON 95-III mineral gasoline has been blended with 10% ethanol to produce E10 gasoline for market sale. E5 RON 92 gasoline will continue to be available until the end of 2030.

During this period, the regulator resumed contributions to the Fuel Price Stabilization Fund, at a rate of 200 dong per liter for biofuel, 800 dong for diesel, and 650 dong for mazut.

A report from the Ministry of Industry and Trade indicates that from 1/6, over 17,000 fuel stations transitioned to selling E10 gasoline. As of 15/6, national biofuel consumption (E5, E10) reached 520 million liters, with E10 making up approximately 485 million liters (over 93%).

Automakers and motorcycle manufacturers have affirmed that most vehicle models in Vietnam are compatible with E10 gasoline, with the exception of a few older types. The regulator and major distributors have not recorded any official incidents, complaints, or feedback concerning fuel quality or vehicle malfunctions attributed to E5 and E10 gasoline.

Currently, one-half of major distributors have invested in biofuel blending systems, with seven enterprises licensed to operate, boasting a total capacity of approximately 1,1 million cubic meters per month. This, combined with the Dung Quat Oil Refinery, ensures that the production capacity for E5 and E10 largely meets national consumption demand.

Phuong Dung