Fuel prices rose again, price stabilisation fund tapped to cushion the increase

Fuel prices rose again, price stabilisation fund tapped to cushion the increase

According to an announcement by the Ministry of Industry and Trade effective from 11.45pm Tuesday, the price of RON95-III gasoline rose by VNĐ2,080 per litre to VNĐ29,120.

A petrol station in Hà Nội. Fuel prices were  raised for the third times in the past seven days, pushing RON95-III to VNĐ29,120 per litre. — VNA/VNS Photo Minh Thu

Việt Nam raised retail gasoline prices late on March 10, making the third consecutive increase within a week and pushing RON95-III above VNĐ29,000 (US$1.11) per litre, while the fuel price stabilisation fund was tapped for the first time in more than three years to cushion the rise.

According to an announcement by the Ministry of Industry and Trade effective from 11.45pm, the price of RON95-III gasoline rose by VNĐ2,080 per litre to VNĐ29,120.

The price of E5 RON92 gasoline increased by VNĐ1,350 per litre to VNĐ26,570. Diesel 0.05S was raised by VNĐ480 per litre to VNĐ30,710, while mazut climbed by VNĐ3,380 per kg to VNĐ24,700.

In contrast, kerosene prices were cut by VNĐ2,710 per litre to VNĐ32,380.

The adjustment followed the Government’s Resolution 36 issued on March 6, which allows authorities to revise retail fuel prices immediately when the base price of widely used petroleum products rises by 7 per cent or more compared with the previous adjustment period.

Notably, for the first time in more than three years, regulators decided to draw from the fuel price stabilation fund to cushion the increases at a rate of VNĐ4,000 per litre or kg for RON95-III gasoline, kerosene and mazut, and VNĐ5,000 per litre for diesel.

Within the past seven days, fuel prices have increased three times, tracking the global crude oil price developments amid escalating Middle East tensions.

In the most recent adjustment on March 7, fuel prices surged sharply, with some products increasing by more than VNĐ8,000 per litre.

Fuel prices have witnessed eight increases and four decreases since the beginning of this year.  

The fuel price stabilisation fund held by 27 major petroleum wholesales stood at VNĐ5.617 trillion by the end of the third quarter of 2025, up nearly VNĐ3 billion from the previous quarter.

The Ministry of Industry and Trade is taking steps to ensure adequate fuel supplies for the economy, including proposals to reduce the environmental protection tax.

On March 9, the Government issued Decree 72 revising the most-favoured-nation (MFN) import tariff rates to zero on several petroleum products and feedstocks, effective until April 30.

The Ministry of Industry and Trade said global petroleum prices climbed sharply during the latest pricing period from March 7 to March 9, driven by escalating geopolitical tensions and supply disruptions.

Oil-exporting countries in the Gulf region have cut production as crude shipments through the Strait of Hormuz face congestion. At the same time, many countries have stepped up fuel stockpiling, adding further upward pressure on prices.

Average prices of refined petroleum products on the world market from March 7 to March 9 were recorded at $139.30 per barrel for RON92 gasoline used to blend E5RON92, up $29.57 per barrel, or 26.95 per cent.

The average price of RON95 gasoline rose to $147.50 per barrel, an increase of $31.34 per barrel, equivalent to 26.97 per cent.

Kerosene averaged $188.20 per barrel, up $7.32 per barrel, or 4.05 per cent, while diesel 0.05S rose to $184.43 per barrel, up $30.95 per barrel, or 20.16 per cent.

Meanwhile, mazut 180CST 3.5S climbed to $882.38 per tonne, an increase of $257.99 per tonne, or 41.32 per cent. 

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