The Inter-Ministerial Committee of Industry and Trade - Finance announced a reduction in domestic fuel prices, effective from 3 PM on 4/6. This adjustment reflects recent movements in the global energy market, influenced by ongoing negotiations between the US and Iran.

Specifically, the price of E5 RON 92 gasoline decreased by 1,470 dong, setting the new price at 21,780 dong per liter. Diesel products also saw a reduction, with each liter dropping by 790 dong. Mazut prices fell by 800 dong compared to seven days ago.

During this period, the regulator resumed allocations to the Fuel Price Stabilization Fund. The allocation for biofuel is 500 dong, while for diesel and mazut, it is 300 dong per liter/kg.

This marks the first price adjustment since E10 gasoline became widely available nationwide on 1/6, replacing RON 95-III. E10 is a biofuel blend of fuel ethanol (bio-alcohol) and mineral gasoline. However, the Inter-Ministerial Committee has not yet announced the base price for E10 gasoline during this adjustment period.

The development of a biofuel roadmap has been a long-term initiative by the regulator. Vietnam began selling E5 RON92 gasoline nationwide in 2018, and it will continue to be maintained until the end of 2030. The E10 rollout strategy includes a pilot phase in some localities by 8/2025 before its broader expansion across the country.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated at a government press conference on 3/6 that the agency will conduct unannounced inspections of businesses involved in fuel trading and blending. These checks aim to ensure the quality of E10 gasoline from its production and blending stages through to its sale in the market.

*Continued updates

Phuong Dung