Prices of diesel and RON 95 gasoline have increased.

In the price adjustment on March 12th, under pressure from rising prices in the global market, the Ministry of Industry and Trade and the Ministry of Finance decided to continue using the Fuel Price Stabilization Fund (BOG). Specifically, RON 95-III gasoline, kerosene, and fuel oil all received a fund allocation of 4,000 VND per liter, while diesel received 5,000 VND per liter. This marks the third consecutive price adjustment in which the ministries have used the BOG for petroleum products.

According to the inter-ministerial adjustment, from 10 PM, E5 RON 92 gasoline decreased by 447 VND/liter to 22,504 VND/liter, while RON 95 III gasoline increased by 335 VND/liter to a new price of 25,575 VND/liter.

While fuel oil prices were adjusted down by 340 VND to 18,661 VND/kg, diesel and kerosene prices increased by 555 VND and 2,513 VND/liter respectively to 27,025 VND/liter and 26,932 VND/liter.

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From 10 PM on March 12th, gasoline and diesel prices were adjusted with alternating increases and decreases.

According to calculations by the Ministry of Industry and Trade, without intervention from the Price Stabilization Fund (BOG), domestic gasoline and diesel prices would be very high. Specifically, E5 RON 92 gasoline would reach 26,504 VND/liter, RON 95 III gasoline 29,575 VND/liter, and diesel would exceed 32,000 VND/liter.

The operator stated that the global oil market has been extremely complex in recent days. Several factors have contributed, including escalating military conflicts between the US, Israel and Iran , and Russia and Ukraine. Shipping through the Strait of Hormuz has been disrupted following attacks on ships. A major oil refinery in the UAE has been forced to close due to an attack. Fluctuations in the VND/USD exchange rate domestically have also affected the price of imported refined products.

Despite the International Energy Agency (IEA) suggesting the release of strategic petroleum reserves to reassure the public, prices of commodities such as RON 95 gasoline, kerosene, and diesel still recorded increases ranging from 1.37% to nearly 10% on the world market.

This adjustment to gasoline and diesel prices is being implemented in accordance with the Prime Minister's directives and the Government's resolutions on price stabilization, aiming to ensure a balance of interests among market participants and support economic recovery.

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