Following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance, RON 95-III, the most commonly used petrol grade, dropped by VND410 to VND19,170 per litre. E5 RON 92 was reduced by VND380 to VND18,770 per litre.
Similarly, diesel and other oil products saw significant decreases. Diesel fell by VND550 to VND16,800 per litre, kerosene dropped by VND620 to VND16,940 per litre, and mazut was down VND660 to VND15,530 per kilo.
Authorities attributed the fuel price cuts to fluctuations in global markets, influenced by increased oil production from OPEC+ and ongoing geopolitical tensions between Russia and Ukraine. These factors have pushed global fuel prices downward. From May 5 to 8, the average price of finished petrol products fell by around 2.6 percent, while oil dropped by 3.7–5.3 percent. Accordingly, RON 95 crude fell to USD 74.9 per barrel, diesel to USD 76.8, and mazut to USD 405.2 per tonne.
In a recent report submitted to the National Assembly ahead of its Q&A sessions, the Ministry of Industry and Trade confirmed that Vietnam’s fuel supply remains stable. In the first quarter, domestic fuel consumption was approximately six million tonnes, while reported supply from distributors reached around 6.4 million tonnes.
The Ministry stated it will continue to monitor global and domestic market developments closely to ensure stable fuel supply across the country.