The statement was made by the Ministry of Industry and Trade.
On March 7, the Agency for Domestic Market Management and Development under the Ministry of Industry and Trade announced that it had issued an urgent dispatch to local authorities and petroleum trading enterprises regarding the implementation of the fuel price management schedule in accordance with Resolution No. 36/NQ-CP of the Government.
Specifically, on March 7, the Agency for Domestic Market Management and Development issued Urgent Dispatch No. 587 to Departments of Industry and Trade of cities and provinces, petroleum wholesalers, petroleum producers, and petroleum distributors regarding the timing of fuel price adjustments under Resolution No. 36/NQ-CP of the Government.
Previously, on March 6, 2026, the Government promulgated Resolution No. 36/NQ-CP on the outcomes of the Government’s regular meeting for February 2026, which included provisions related to the fuel price management mechanism.
Under the resolution, the Government agreed to assign the Ministry of Industry and Trade to take the lead and coordinate with the Ministry of Finance in adjusting fuel prices when the base price of any commonly consumed petroleum product on the market rises by 7 percent or more within the day compared with the base price of the immediately preceding adjustment period. Once such an increase occurs, the Ministry of Industry and Trade will implement the price adjustment and announce the new base price in accordance with regulations.
In cases where the base price of petroleum increases by less than 7 percent compared with the previous adjustment period, price management will continue to be conducted every week, every Thursday, in accordance with Clause 11, Article 1 of Decree No. 80/2023/ND-CP of the Government.
Under current regulations, based on data related to the elements constituting the base price of petroleum products and written feedback from the Ministry of Finance submitted before 12 p.m. on the day of the price adjustment, the Ministry of Industry and Trade will announce the base price and retail fuel prices.
The Agency for Domestic Market Management and Development has requested the Departments of Industry and Trade of cities and provinces, as well as petroleum trading enterprises, to proactively update information and promptly organize the implementation of the provisions stipulated in the Government’s resolution.
