The ministries of industry and trade and finance announced cuts of VND 1,610 per litre for E5 RON 92 petrol and VND 1,810 per litre for E10 RON 95. Following the adjustment, E5 RON 92 costs VND 25,360 (about USD 0.97) per litre, while E10 RON 95 is priced at VND 25,210 (about USD 0.96) per litre.
In contrast, diesel prices rose by VND 450 per litre to VND 29,550 (about USD 1.13), while fuel oil increased by VND 1,240 per kilo to VND 23,370 (about USD 0.89).
The authorities also continued to allocate VND 300 per litre of petrol to the price stabilisation fund.
An employee fills a vehicle at a petrol station in Hanoi (Photo: Manh Quan).
The latest adjustment marks a second consecutive decline in domestic petrol prices following six successive increases. Diesel prices have rebounded after falling in the previous pricing round. Despite the latest changes, fuel prices in Vietnam remain lower than in many other countries in the region.
On international markets, oil prices rose by more than USD 2 a barrel on October 22 as escalating tensions in the Middle East heightened concerns about potential disruptions to global energy supplies.
According to Reuters, renewed Houthi attacks targeting Saudi Arabia, alongside other security developments in the region, continued to push prices higher.
Brent crude rose by USD 2.82 a barrel to USD 111.64, approaching a five-month high. US West Texas Intermediate crude gained USD 2.24 to reach USD 99.39 a barrel.