Vietnam's Ministry of Industry and Trade and Ministry of Finance have announced a significant reduction in retail fuel prices, effective from 3 pm on June 18.
Under the latest adjustment, the price of E5 RON 92 petrol has been reduced by VND 1,210 per litre, while E10 RON 95 has fallen by VND 1,310 per litre. Following the revision, E5 RON 92 is priced at VND 20,120 per litre and E10 RON 95 at VND 20,750 per litre.
Diesel recorded the largest decrease, dropping by VND 2,340 per litre to VND 23,530 per litre. Mazut prices were also cut by VND 1,920 per kilo to VND 16,680 per kilo.
According to authorities, Vietnam's fuel prices remain lower than those in neighbouring countries sharing land borders with the nation.
The adjustment comes shortly after Resolution 29, which introduces pilot policies supporting the transition to E10 gasoline, took effect on June 16 and will remain valid until June 15, 2028.
The base price for E10 RON 95 is calculated using international RON 95 gasoline prices, fuel ethanol costs and related expenses including imports, transportation, premiums and regulated profit margins. During the initial phase, several cost components will be applied using the same methodology as RON 95-III and E5 RON 92. The Ministry of Finance will review and adjust the formula once sufficient market data becomes available.
Fuel distributors are required to provide complete data to support the calculation of base prices. The Ministry of Industry and Trade and the Ministry of Finance will jointly manage E10 RON 95-III pricing under the new framework. The June 18 adjustment marks the first pricing period in which an official base price for E10 RON 95-III has been announced.
According to the Ministry of Industry and Trade, more than 17,000 fuel stations nationwide switched to selling E10 gasoline from June 1. By June 15, total consumption of biofuels, including E5 and E10, had reached 520 million litres, of which E10 accounted for approximately 485 million litres, or more than 93 per cent of total biofuel sales.
