According to adjustments by the Ministry of Industry and Trade - Ministry of Finance, the price of RON 95-III gasoline, a common type in the market, decreased by VND 3,890, falling to VND 29,950 per liter. Similarly, E5 RON 92 dropped by VND 2,040, reaching a new price of VND 28,070.
Oil products, excluding mazut, saw reductions of VND 1,770-4,100 per liter compared to the previous adjustment period, depending on the type. Specifically, each liter of diesel and kerosene now costs VND 37,890 and VND 36,350, respectively.
Authorities continued to utilize the Price Stabilization Fund, allocating VND 4,000 per liter for diesel and VND 3,000 per liter for gasoline, mazut, and kerosene. This marks the 8th consecutive adjustment period where the inter-ministry has drawn from the Price Stabilization Fund.
Fuel prices changed as follows:
| Product | New Price | Change |
| RON 95-III Gasoline | 29.950 | - 3.890 |
| E5 RON 92 Gasoline | 28.070 | - 2.040 |
| Diesel | 37.890 | - 1.770 |
| Kerosene | 36.350 | - 4.100 |
| Mazut | 20.240 | - 2.360 |
Unit: VND/liter or kg, depending on the product.
According to the Ministry of Industry and Trade, the escalating conflict in the Middle East continues to exert dual pressure on the domestic fuel market. Raw material supply for production faces disruptions, and import activities are difficult as regional countries restrict exports. The input supply for Nghi Son Refinery and Petrochemical Plant, which accounts for about 40% of consumption, is significantly affected.
To respond to these challenges, the government has issued resolutions allowing flexible price management, aiming to avoid "periodic price shocks." Regulators also implemented fiscal solutions, including reducing the most-favored-nation (MFN) import tariff on fuel to 0% to help businesses access international supplies. The flexible use of the fuel price stabilization fund also helps reduce the domestic price increase margin compared to global prices, stabilizing the market.
The Ministry of Finance is also proposing to halve the environmental protection tax for gasoline (excluding ethanol) from VND 2,000 to VND 1,000 per liter. Similarly, the tax rate for diesel could also be halved, from VND 1,000 to VND 500. For jet fuel, the regulatory agency proposes reducing this tax to VND 1,000, a decrease of VND 500 from the current rate.
The environmental protection tax is an indirect tax, included in the selling price of goods. When this tax decreases, the retail prices of corresponding products also fall. For instance, if the environmental tax on gasoline (excluding ethanol) drops by VND 1,000, the retail price of gasoline could decrease by approximately VND 1,080 per liter, including the reduced value-added tax portion. Similarly, if the environmental tax on jet fuel and diesel decreases by VND 500, their retail prices could drop by around VND 540.
In recent days, Prime Minister Pham Minh Chinh has held phone calls and sent official letters to leaders of various countries. He also worked with ambassadors of countries in Vietnam, requesting their support for oil supplies to ensure energy security. For example, Vietnam has mobilized 4 million barrels of oil from partners and requested access to oil from Japan's strategic reserves.
On 24/3, the Ministry of Industry and Trade announced that domestic fuel supply remains secured. Production at Dung Quat Refinery increased by 10,5%, sufficient for production until early may. Nghi Son Refinery and Petrochemical Plant will maintain production until the end of april.
Phuong Dung
