Hanoi (VNS/VNA) - The Vietnam National Petroluem Group (Petrolimex) had acted early to mitigate risks amidst the recent surge in global oil prices driven by the Israel–Iran conflict, Vietnam News Agency cited a Petrolimex representative as saying.
By the end of 2024, Petrolimex had already negotiated and signed long-term contracts with domestic and international suppliers to cover supply needs throughout 2025. These term contracts are expected to meet around 70 to 80% of the group’s planned monthly sales.
To cover the remaining volume, Petrolimex will make flexible spot purchases from local refineries and international partners, ensuring supply security and compliance with State regulations on fuel reserves and inventories.
The representative stressed that the group has been closely monitoring developments in the Middle East and the Russia–Ukraine conflict to assess potential disruptions in global supply and adjust its sourcing strategy accordingly.
Petrolimex also continues to coordinate closely with the Nghi Son and Dung Quat refineries to uphold contractual commitments, while actively seeking out additional suppliers and preparing response scenarios for any major fluctuations in domestic demand or international supply.
To support these efforts, the group has proposed that State management agencies strengthen inspections of other major distributors, especially their compliance with minimum supply requirements and retail sales commitments.
Addressing recent concerns that some fuel retailers have been finding it difficult to purchase from Petrolimex amid price volatility, the company reaffirmed its commitment to honouring all supply contracts with its authorised distributors. These agents, who source exclusively from Petrolimex, continue to receive full supply.
He said that from June 1 to 19, Petrolimex's average daily domestic fuel sales rose by 19% compared to the 2024 daily average. Following the outbreak of the Iran–Israel conflict, sales between June 14 and 19 jumped by 27.3% versus the June 2024 average and by 15.3% compared to May 2025. Sales to authorised retailers alone rose 35% compared to the 2024 daily average.
On June 19, 2025, domestic fuel prices were adjusted in line with global market movements. At this adjustment session, the Ministry of Industry and Trade and the Ministry of Finance decided not to set aside or use the Petroleum Price Stabilisation Fund for E5 RON92 petrol, RON95 petrol, diesel, kerosene or mazut.
As of June 23, 2025, retail fuel prices are reported as follows: E5 RON92 petrol at 20,631 VND per litre (0.79 USD), RON95-III petrol at 21,244 VND per litre, Diesel 0.05S at 19,156 VND per litre, Kerosene at 18,923 VND per litre and Mazut 180CST 3.5S: no more than 17,643 VND per kilogram.
Industry experts have said domestic fuel prices may continue fluctuating in line with global market trends. Given current developments, retail prices may see a further sharp increase in the upcoming price adjustment. Prices of RON95-III petrol are projected to rise by around 700–900 VND per litre, E5 RON92-II petrol by 600–800 VND per litre, and diesel by 1,400–1,600 VND per litre. /.
