Under the latest price adjustment by the Ministry of Industry and Trade and the Ministry of Finance, RON 95-III gasoline, the country’s most widely used fuel, rose by VND 1,470 to VND 25,540 per litre. E5 RON 92 also increased by VND 1,210 to VND 24,340 per litre.
Oil products were also adjusted upward compared to the previous pricing period. Diesel increased by VND 1,540 to VND 28,760 per litre, while mazut rose by VND 900 per kilogram.
The two ministries said global fuel prices had been affected by developments surrounding negotiations between the US and Iran, as well as ongoing congestion in cargo transportation through the Strait of Hormuz.
These factors pushed global fuel prices higher compared to seven days earlier. RON95 prices increased 6.8 per cent to USD 139.8 per barrel, while diesel rose 6.4 per cent to USD 155.3 per barrel.
Domestic fuel prices have gone through 22 adjustment periods since late February. During that time, RON 95-III prices increased 12 times, decreased eight times and remained unchanged twice. Diesel prices rose 10 times, fell 10 times and stayed unchanged twice.
At present, taxes including environmental protection tax, special consumption tax and value added tax (VAT) on gasoline, oil and aviation fuel remain at zero until the end of June. Import tariffs on fuel products are also being kept at zero until June 30.
From June 1, E10 RON 95-III gasoline will be sold widely nationwide, replacing mineral-based RON 95-III fuel on the market. E5 RON 92 will continue to be available until the end of 2030.
According to the Ministry of Industry and Trade, as of May 15, Vietnam had imported nearly 4.33 million tonnes of petroleum products worth USD 4.55 billion. Compared with the same period last year, import volume rose 20.9 per cent while import value surged 85.7 per cent.
Of the total, gasoline imports were valued at USD 1.05 billion, diesel at nearly USD 2.46 billion, mazut at around USD 119 million and aviation fuel at USD 927 million.