Vietnam's Ministry of Industry and Trade published new fuel price ceilings effective from 3 p.m. on October 15.
In the latest adjustment, the inter-ministerial commission of the Ministry of Industry and Trade and the Ministry of Finance set a contribution to the price stabilization fund at 200 dong per liter for biofuel and authorized the use of 500 dong per kilogram from the fund for mazut.
The price ceiling for E5RON 92 gasoline is 26,971 dong per liter, down 732 dong from the previous maximum and 58 dong below the price of E10RON 95 gasoline. E10RON 95 fell by 1,225 dong, with its price ceiling set at 27,029 dong per liter.
Diesel fell by 22 dong to 29,106 dong per liter. Mazut rose by 1,043 dong to 22,135 dong per kilogram.
The ministry said the global fuel market during this adjustment period was affected by an agreement on Russian diesel exports to the United States and another cut in OPEC's forecast for oil demand growth in 2026.
Tensions between Saudi Arabia and the Houthi movement in Yemen also continued to escalate, while several oil tankers were attacked while passing through the Strait of Hormuz. These factors caused global refined fuel prices to move in different directions in recent days.
Vietnam fuel prices remain lower than in several regional countries
After the October 15 adjustment, fuel prices in Vietnam remained lower than in neighboring countries in the region, the Ministry of Industry and Trade said.
Gasoline reached 52,104 dong per liter in Laos, compared with 35,017 dong in China, 34,026 dong in Cambodia and 32,471 dong in Thailand. In Vietnam, gasoline was priced at 27,029 dong per liter.
Diesel cost 40,644 dong per liter in Laos, 35,298 dong in Cambodia, 33,646 dong in Thailand and 31,924 dong in China. Vietnam continued to have the lowest diesel price at 29,106 dong per liter.
According to the ministry, the latest draft decree on fuel trading submitted to the government would abolish the price stabilization fund from January 1, 2027. Companies would have to settle their fund accounts. A delay of more than 60 days could lead to a suspension of operations, while a delay of more than 90 days could trigger consideration of revoking a fuel trading license.
Companies would be allowed to set fuel prices themselves using a common formula published by the Ministry of Industry and Trade, but they would have to report a new price no later than 30 minutes before it takes effect.
Sources: Thanh Niên
