According to the Ministry of Industry and Trade and the Ministry of Finance, contributions to the Fuel Price Stabilization Fund will continue to be suspended for biofuel gasoline, diesel and fuel oil under the latest fuel price adjustment on the afternoon of July 16.
Instead, the ministries approved disbursements from the Fuel Price Stabilization Fund of VND1,500 (approximately US$0.06) per liter for diesel and VND500 (approximately US$0.02) per kilogram for fuel oil. No subsidy will be provided for biofuel gasoline.
Following the adjustment, the maximum retail price of E5 RON92 biofuel gasoline will rise to VND19,826 (approximately US$0.76) per liter, while E10 RON95-III gasoline will increase to VND20,550 (approximately US$0.79) per liter. Diesel (0.05S) will rise to VND23,329 (approximately US$0.89) per liter, and fuel oil (180CST 3.5S) will increase to VND14,459 (approximately US$0.55) per kilogram.
According to the Ministry of Industry and Trade, global petroleum prices during the latest pricing period were driven higher by escalating tensions between the United States and Iran, concerns over potential disruptions to oil shipments through the Strait of Hormuz, the continuing Russia–Ukraine conflict, intensified Ukrainian attacks on Russian oil refineries and Russia's ban on diesel exports.
As a result, refined fuel prices in the international market increased significantly.
Between July 9 and July 16, the average price of RON92 gasoline, used to blend E5 RON92, rose 5.35 percent to US$100.03 per barrel, while RON95 gasoline, used to blend E10 RON95-III, increased 6.39 percent to US$103.69 per barrel.
Over the same period, diesel prices climbed 17.03 percent to US$136.28 per barrel, while fuel oil rose 13.55 percent to US$486.37 per metric ton.
The ministries said the pricing decision was based on current regulations, global fuel price movements, fluctuations in the VND–US dollar exchange rate and the status of the Fuel Price Stabilization Fund.
The adjustment aims to ensure that domestic fuel prices reflect global market trends while balancing the interests of consumers, businesses and the state.
Fuel wholesalers and distributors are prohibited from adjusting retail prices before the official implementation time of 3 p.m. on July 16.
