The price of RON 95-III gasoline, a common market type, increased by 2,190 dong, reaching 22,340 dong per liter. E5 RON 92 also rose by 1,920 dong, with its new price set at 21,440 dong.

Oil products saw increases ranging from 1,810 to 7,140 dong per liter or kg, depending on the type, compared to the last adjustment. Diesel now costs 23,030 dong per liter, while kerosene reached 26,600 dong per liter. Mazut oil's new price is 17,490 dong per kg.

This adjustment pushed RON 95 gasoline and diesel prices to their highest levels since 3/2022.

Gasoline and oil price changes are as follows:

Unit: dong/liter or kg, depending on type

The domestic petroleum market saw significant fluctuations following the escalation of the Middle East conflict, triggered by US and Israeli airstrikes on Iran last week. Qatar has since halted liquefied natural gas production, Israel has temporarily closed a gas field, and Saudi Arabia has shut down its largest oil refinery due to the ongoing hostilities.

Shipping through the Strait of Hormuz, a critical global oil chokepoint, is almost paralyzed. Over 10% of the global container ship fleet is currently stranded there. Multiple oil tankers have sustained damage, and insurance companies are refusing coverage for vessels attempting to transit the strait.

Before the conflict, several major wholesalers had secured supply for March and April by signing contracts with two domestic oil refineries and through imports. Following the outbreak of hostilities, these companies are now re-engaging with partners to review delivery schedules and ensure future market supply. Regulations stipulate that wholesalers must maintain a 20-day inventory.

Domestic oil refineries currently meet 70-80% of market demand, with the remaining volume imported. Local petroleum producers have stated that the sufficiency of April and May supplies, as per contractual agreements, largely hinges on the ongoing conflict.

Retailers are reporting that some wholesalers have adjusted their discounts – the commission paid to petroleum retailers – reducing them to just a few tens of dong, or even eliminating them entirely. Additionally, supply has become significantly more limited than before.

Amid the complex international market, the Domestic Market Management and Development Department (Ministry of Industry and Trade) has directed petroleum wholesalers to closely monitor supply and demand. They must ensure the minimum total allocated supply for both volume and type. Authorities plan to increase inspections and strictly penalize hoarding, arbitrary price increases, and selling above listed prices.

In 2025, Vietnam's petroleum consumption is projected to reach approximately 26.4 million m3 or tons, a 1.85% increase from 2024. Year-end inventory is expected to be 1.7 million m3 or tons. For the current year, the minimum total petroleum supply allocated to wholesalers stands at 31.7 million m3 or tons.

* Further updates will be provided.

Phuong Dung