Retail fuel prices in Vietnam saw mixed trends under the latest adjustment from 22:00 on March 12 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance.

Motorcycle riders refill their vehicles at a petrol station in Hanoi.

Accordingly, E5 RON92 biofuel was capped at 22,504 VND (0.86 USD) per litre, down 447 VND from the previous level, while the price of RON95-III petrol rose by 335 VND to 25,575 VND per litre. The price of diesel increased by 555 VND to 26,932 VND per litre, while that of kerosene rose by 2,513 VND to 26,932 VND per litre.

Mazut oil saw its price fall by 340 VND to 18,661 VND per kg.

Authorities continued using the petrol price stabilisation fund to offset price hikes, maintaining a reasonable price gap between E5 RON92 bio-gasoline and RON95 unleaded gasoline to encourage the use of biofuels and ensure a balance of interests among market participants.

Since the beginning of this year, domestic fuel prices have undergone 14 adjustments, including five decreases and nine increases for RON95 and six declines and eight hikes for E5 RON92. Meanwhile, diesel price has fallen three times and risen 11 times.

The new base price will remain in effect until the next price announcement by the MoIT. Enterprises must adjust their prices in accordance with current decrees and circulars on petroleum trading management and the use of the price stabilisation fund.

The MoIT will continue coordinating with relevant authorities to inspect and supervise the implementation of regulations on ensuring petrol supply, and will strictly handle any violations if detected.

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