According to an announcement from the Ministry of Industry and Trade, in the price adjustment period on March 12th, the prices of petroleum products were adjusted compared to previous periods. Some products saw slight increases, while E5 RON92 gasoline and fuel oil decreased, and diesel recorded a significant increase.
As of March 14th, domestic gasoline and diesel prices remain unchanged from the most recent adjustment period. This indicates that the market is currently monitoring the developments in world oil prices before making further adjustments.
Overall, recent fluctuations indicate that domestic fuel prices are directly influenced by global energy market trends, while also being affected by domestic regulatory policies.
Impact from the global energy market
In previous sessions in March, domestic gasoline and diesel prices experienced a sharp decline due to two main factors:
- The downward trend in world oil prices in the early days of the month.
- The application of a 0% import tax on gasoline and diesel.
In addition, the regulatory agency also used the Gasoline and Diesel Price Stabilization Fund to support the market, helping to limit short-term price increases.
However, after the decline, international oil prices have shown signs of rising again, causing domestic gasoline and diesel prices to fluctuate accordingly.
Factors that caused oil prices to reverse
According to international energy organizations, the oil market has recently been affected by several geopolitical and supply factors, including:
- Military tensions in the Middle East
- Disruptions to oil transportation via key shipping routes
- Temporary shutdowns at some oil refineries in the Middle East
In addition, proposals to release strategic oil reserves from some major consuming countries have also contributed to the significant fluctuations in world oil prices during each trading session.
Domestic fuel prices continue to be dependent on the global market
Overall, fuel prices in Vietnam closely follow international crude oil market trends, while also being influenced by price regulation mechanisms, exchange rates, and domestic supply and demand factors.
Diesel, in particular, has seen significant fluctuations in recent price adjustments due to high demand in transportation and production.
