Hanoi (VNA) – Retail fuel prices were simultaneously reduced from 15:00 on May 14 following the latest adjustment by the Ministry of Industry and Trade (MoIT) and and the Ministry of Finance, with E5RON92 biofuel recording the sharpest decline.
Under the new pricing scheme, the two ministries decided neither to set aside nor use the petroleum price stabilisation fund during this adjustment period.
Accordingly, the price of E5RON92 was capped at 23,134 VND (0.88 USD) per litre, down 656 VND from the previous ceiling price.
Meanwhile, the price of RON95-III gasoline was reduced by 276 VND to a maximum of 24,078 VND per litre. Diesel 0.05S now costs no more than 27,226 VND per litre, down 268 VND, while mazut 180CST 3.5S fell by 587 VND to 20,585 VND per kilogramme.
The MoIT said global fuel markets during the latest pricing period were influenced by several factors, including reports that the US and Iran were moving towards a temporary agreement to ease tensions, while clashes between the two sides continued and the Strait of Hormuz remained largely blocked. Other factors included the possibility of further interest rate hikes by the US Federal Reserve to curb inflation and the ongoing Russia–Ukraine conflict.
These developments caused global refined fuel prices to fluctuate depending on product categories.
According to the ministry, Vietnam’s retail fuel prices remain lower than those in neighbouring countries sharing borders with Vietnam. On May 14, petrol prices stood at around 35,896 VND per litre in Thailand, 33,798 VND in Cambodia, 40,096 VND in Laos, and 35,438 VND in China./.
