Effective 3 p.m. today, gasoline and oil prices across Vietnam will see increases ranging from 880 dong to 2,440 dong per liter or kilogram. This adjustment, announced by the Joint Ministries of Industry and Trade and Finance, reflects the volatile global energy market.

The price of E10 RON 95-III gasoline will rise by 880 dong, reaching 21,430 dong per liter. E5 RON 92 gasoline will also increase by 1,060 dong, setting its new price at 20,880 dong per liter. Similarly, diesel fuel and fuel oil will see price hikes of 1,110-2,440 dong per liter or kilogram. A liter of diesel fuel now costs 25,760 dong, while fuel oil is priced at 15,560 dong per kilogram.

The Joint Ministries cited an upward trend in global fuel prices over the past seven days. This surge is primarily attributed to escalating conflict between the US and Iran, alongside the Houthi forces in Yemen declaring a blockade of sea routes in the Red Sea. These geopolitical tensions have significantly impacted the international energy market.

Specifically, the price of RON 95 crude, used for blending E10 RON 95, increased by 11,4% to 115,5 USD per barrel. Diesel fuel saw a 10,8% rise, reaching 150,9 USD per barrel. Fuel oil prices also climbed by 12,3% to 546,3 USD per ton.

During this pricing period, the regulator decided to continue halting appropriations to the Fuel Price Stabilization Fund while authorizing expenditures from it. The fund will disburse: 1,000 dong per liter for bio-gasoline, 1,500 dong per liter for diesel fuel, and 1,000 dong per kilogram for fuel oil to help stabilize market prices.

In a separate development, a representative from the Ministry of Industry and Trade noted a gradual decrease in consumer complaints regarding E10 gasoline. This comes nearly two months after the fuel became widely available in the market.

According to the Ministry, stringent quality control measures are in place: all stages, from depots to retail stations, store fuel samples concurrently with sales operations. This allows competent authorities to examine samples and compare them with current standards to assess fuel quality at each supply stage, should any unusual occurrences arise after E10 gasoline use.

Phuong Dung