The ministries of Industry and Trade and Finance announced significant increases in retail fuel prices effective from 3 pm on September 17.
The price of E5 RON 92 petrol rose by VND 1,390 per litre to VND 25,130 (USD 0.97), while E10 RON 95 increased by VND 1,400 to VND 25,630 (USD 0.99).
Diesel rose by VND 1,460 per litre to VND 29,940 (USD 1.15), while mazut increased by VND 1,040 per kilo to VND 19,190 (USD 0.74).
The latest adjustment marks the third consecutive increase in domestic petrol prices, while diesel and other oil products have risen for two consecutive periods. Despite the increases, fuel prices in Vietnam remain lower than those in several other countries in the region.
Staff refuel vehicles at a petrol station in Ho Chi Minh City (Photo: Nam Anh).
On global crude markets, oil prices fell during trading on September 17, extending the previous session's decline, after reports that Saudi Arabia was supplying additional crude shipments through Oman, Reuters reported.
The move eased concerns about potential supply disruptions. However, oil prices remained above USD 100 a barrel amid fears that the conflict in the Middle East could spread further.
Brent crude fell USD 1.88, or 1.8 per cent, to USD 103.95 a barrel, while West Texas Intermediate dropped USD 1.77, or 1.7 per cent, to USD 100.66. Both benchmarks had fallen by around USD 3 a barrel on September 16.
Oil prices declined after Saudi Arabia increased crude exports to Asia via Oman, helping ease concerns about supply shortages. The crude was transferred between vessels off Oman's Sohar port, partly offsetting supply disruptions following attacks on the East-West pipeline.
However, the additional shipments only compensate for part of the lost output. Two pumping stations along the East-West pipeline remain damaged, with no clear timeline for repairs to be completed.
Earlier, oil prices had climbed to their highest level in about four months after exports from Saudi Arabia's Red Sea port of Yanbu were suspended and the country cancelled some oil deliveries to European customers.
Before the conflict, the Strait of Hormuz handled about one-fifth of global oil supplies.
Concerns over a further escalation of the Middle East conflict continue to weigh on the market. DBS Bank forecasts that, under its base-case scenario, Brent crude could stabilise at USD 85-95 a barrel in the fourth quarter. If attacks around the Strait of Hormuz and the Red Sea continue, prices could rise to around USD 120 a barrel before returning to about USD 100.