* Continuing updates
Fuel prices in Vietnam have seen a significant reduction, with RON 95-III gasoline, a common type in the market, decreasing by 3,880 VND to 25,240 VND per liter. This adjustment, announced by the Ministry of Industry and Trade and the Ministry of Finance, also brings E5 RON 92 down by 3,620 VND, reaching a new price of 22,950 VND.
Other oil products, excluding kerosene, experienced reductions ranging from 4,240 to 7,960 VND per liter or kilogram, depending on the type, compared to the previous adjustment. Specifically, diesel and mazut prices fell to 26,470 VND and 24,420 VND per liter, respectively.
This adjustment period marks the first time in over three years that the Ministry of Industry and Trade and the Ministry of Finance have utilized the Fuel Price Stabilization Fund for petroleum products. RON 95-III gasoline, kerosene, and mazut each received a fund allocation of 4,000 VND, with diesel receiving 5,000 VND per liter to further cushion the price impact.
Fuel prices changed as follows:
| Product | New Price | Change |
| RON 95-III Gasoline | 25,240 | - 3,880 |
| E5 RON 92 Gasoline | 22,950 | - 3,620 |
| Diesel | 26,470 | - 4,240 |
| Kerosene | 24,420 | - 7,960 |
| Mazut | 19,000 | - 5,700 |
Unit: VND/liter or kg, depending on type.
Today's fuel prices were adjusted earlier than scheduled, following Government Resolution 36, issued on 6/3. This proactive measure reflects the government's commitment to stabilizing the energy market.
During a meeting with the Energy Security Task Force on the evening of 10/3, Prime Minister Pham Minh Chinh approved the use of the Fuel Price Stabilization Fund, effective immediately on 11/3. This decision underscores the government's efforts to mitigate the impact of rising global fuel costs on domestic consumers.
Previously, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated that the government mobilized approximately 4 million barrels of crude oil from partners to secure immediate supply. With this volume and future additions, he estimated the fuel supply would cover 30-45 days of consumption, depending on domestic refinery production plans and market demand, ensuring national energy security.
Beyond securing supply, the government is also employing tax and fee mechanisms to support the market. The Most Favored Nation (MFN) import tax for gasoline and some blending materials has been reduced to 0%. This measure aims to stabilize supply and incentivize key businesses to source and import fuel from markets without free trade agreements (FTAs) with Vietnam.
The Ministry of Finance is proposing a plan to the government to adjust the environmental protection tax on fuel to 0 VND on 12/3. Currently, this tax stands at 2,000 VND per liter for gasoline (excluding ethanol) and 1,000 VND for oil. A reduction to 0 VND would decrease gasoline prices by an additional 1,000-2,000 VND per liter, offering further relief to consumers.
Amid fluctuating fuel markets, the Ministry of Industry and Trade announced it would coordinate with relevant agencies to inspect and monitor traders' fuel supply, strictly penalizing any violations. The Ministry of Industry and Trade and the Ministry of Finance will also continue to closely track market developments to ensure appropriate fuel price announcements and propose stabilization measures.
Phuong Dung
