As of March 9, the retail price of RON95 gasoline in Việt Nam stood at VNĐ27,047 (US$1.04) per litre, compared with about VNĐ31,000 per litre in Cambodia and VNĐ39,000 per litre in Laos.
The Hà Nội Market Surveillance Sub-department said petrol and LPG trading activities across the city remain stable, with supply largely meeting demand despite volatility in global energy prices.
The industry and trade ministry proposes using the Fuel Price Stabilisation Fund to curb sharp petrol and diesel price rises that could threaten inflation control and economic stability.
Fuel firms are diversifying import sources, boosting domestic production and preparing contingency reserves to ensure stable supply amid global energy market volatility.
Việt Nam is considering cutting petrol import tariffs to zero as Middle East tensions drive global oil prices above US$100 per barrel and raise concerns over domestic fuel supply.
Fuel demand surged at state-run petrol stations after price hikes as global oil volatility linked to Middle East tensions adds pressure on Việt Nam’s fuel supply system.
Current solutions are being implemented along three main pillars – closely monitoring market developments and flexibly managing supply in a timely manner ensuring the smooth operation of the distribution system from wholesalers to retail outlets and proactively preparing long-term contingency...
The MoIT said the refineries must also streamline their procedures to hand off products quicker to retailers, including those without a signed contract, to ease out of the fuel shortage.