The Ministry of Industry and Trade (MoIT) and the Ministry of Finance have decided to further cut retail fuel prices, effective from midnight on March 26.
Under the new pricing framework, E5 RON92 biofuel is capped at VND23,326 (US$0.89) per liter, down VND4,749 from the previous ceiling. The price of RON95-III is set at no more than VND24,332 per liter, marking a decrease of VND5,625.
Meanwhile, diesel 0.05S is priced at a maximum of VND35,440 per liter, down VND2,459, and kerosene at no more than VND35,384 per liter, a drop of VND971. In contrast, mazut 180CST 3.5S has risen by VND1,503 to a maximum of VND21,748 per kilogram.
Since March 10, authorities have continuously used the fuel price stabilization fund, with spending ranging from VND3,000–VND5,000 per liter for petroleum products. In the latest adjustment, however, the two ministries have suspended the use of the fund.
According to the MoIT, Vietnam’s fuel prices remain at an average level in the region and are lower than those in neighboring countries sharing land borders.
The ministry said it will coordinate with relevant agencies to inspect and supervise fuel traders to ensure adequate supply for the domestic market, while strictly handling any violations.
It added that the two ministries will continue closely monitoring global and domestic market developments to adjust fuel prices in line with regulations and propose timely measures to the Government and the Prime Minister to stabilize the market.
