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Vietnam cuts petrol prices sharply after latest adjustment

Vietnam has reduced domestic petrol and oil prices sharply following an adjustment by the ministries of Industry and Trade and Finance on March 25.

E5 RON 92 petrol fell by VND 2,040 per litre to VND 28,070, while RON 95 dropped by VND 3,890 to VND 29,950 per litre.

Diesel prices declined by VND 1,770 to VND 37,890 per litre, kerosene by VND 4,100 to VND 36,350 per litre, and mazut by VND 2,360 to VND 20,240 per kilogramme.

Vietnam cuts petrol prices sharply after latest adjustment - 1
Illustrative photo

Authorities continued to draw on the price stabilisation fund, allocating VND 3,000 per litre for petrol, kerosene and mazut, and VND 4,000 for diesel, marking the eighth consecutive use of the mechanism.

The Ministry of Industry and Trade said domestic fuel supply remains stable. Output at Dung Quat Refinery rose 10.5 per cent, with sufficient feedstock secured until late April or early May, while Nghi Son Refinery continues operations through April. Imports have also increased, supporting supply stability.

Despite global volatility, officials said domestic price rises have been kept below international levels. RON 95-III petrol and diesel prices have increased by 37 per cent and 45 per cent respectively, compared with global increases of 63.3 per cent and 71.8 per cent.

Authorities said fuel prices in Vietnam remain broadly in line with regional averages and lower than in some neighbouring countries, reflecting the effectiveness of management measures.

The ministry said it will continue to monitor global developments and adjust policies as needed, including tax measures, to stabilise prices, control inflation and maintain macroeconomic stability.

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