Retail fuel prices in Vietnam were reduced from 15:00 on May 28 following a decision issued by the Ministry of Industry and Trade and the Ministry of Finance.
In the latest price adjustment, the two ministries decided to use the petrol and oil price stabilization fund for fuel categories at the following rates: VND500 per liter for biofuel, VND700 per liter for unleaded gasoline, VND300 per liter for diesel oil, and VND700 per kilogram for mazut oil.
Accordingly, E5RON92 petrol is capped at VND23,258 (US$0.88) per liter, down VND1,082, while RON95-III is sold for no more than VND24,154 per liter, down VND1,395.
Diesel 0.05S is set at no more than VND27,651 per liter, down VND1,110, while mazut 180CST 3.5S is capped at VND20,442 per kilogram, down VND1,041.
The Ministry of Industry and Trade said the global petroleum market during the latest pricing period was affected by several factors, including new developments in negotiations between the US and Iran, continued US attacks while still in talks with Iran, warnings of retaliation from Iran, the gradual recovery of maritime traffic through the Strait of Hormuz, rising inflation in the US due to volatile energy prices, declining global commercial oil reserves and the prolonged Russia–Ukraine conflict.
These factors caused global refined fuel prices to fluctuate, though the main trend was downward, it noted.
As of May 28, Vietnam’s petrol and oil prices remained lower than those in neighboring countries, according to the ministry.
