The price of RON95 gasoline increased by more than 2,000 VND per liter, approaching the 30,000 VND mark from March 11th.
From 0:00 on March 11th, the price of RON95 gasoline increased sharply to 29,120 VND/liter, despite the more than 11% drop in world oil prices due to positive signals from the Strait of Hormuz.
The Ministry of Industry and Trade and the Ministry of Finance have just announced a periodic adjustment to retail gasoline and diesel prices, effective from 0:00 on March 11, 2026. In this adjustment period, the price of RON95 gasoline and other petroleum products (excluding kerosene) has increased sharply, bringing gasoline prices to their highest level in over three years.
Detailed fuel price list effective from March 11, 2026.
Below is the latest retail price list for gasoline and diesel fuel applied at distribution systems nationwide:
| Item | Maximum retail price (VND) | Adjustment amount (VND) |
|---|---|---|
| RON95-III gasoline | 29,120 VND/liter | +2,073 |
| E5RON92 gasoline | 26,570 VND/liter | +1.344 |
| Diesel fuel 0.05S | 30,717 VND/liter | +478 |
| Oil | 32,385 VND/liter | -2.706 |
| Fuel oil 180 CST 3.5S | 24,707 VND/kg | +3,380 |
Notably, to curb the rising price of gasoline and diesel amidst complex fluctuations in the global market, the inter-ministerial committee decided to utilize the Price Stabilization Fund at a very high level. Specifically, the amount allocated for RON95-III gasoline, kerosene, and fuel oil is 4,000 VND/liter; while for diesel, the allocation is as high as 5,000 VND/liter. This is the first time in over three years that the regulatory authorities have made such a significant expenditure from the fund.
World oil prices fell by more than 11%.
In contrast to the domestic upward trend, the international oil market just recorded a sharp decline. At the close of trading on March 10th, Brent crude oil prices fell by $11.16 (equivalent to 11%), to $87.80 per barrel. WTI crude oil prices also fell by $11.32 (equivalent to 11.9%), closing at $83.45 per barrel.
The main reason for the cooling oil prices stems from positive political signals. US President Donald Trump has signaled that the military conflict with Iran may soon end. In addition, US Energy Secretary Chris Wright stated that the US Navy successfully escorted an oil tanker safely through the Strait of Hormuz, easing concerns about supply disruptions.
Andrew Lipow, President of Lipow Oil Associates, believes the market is reacting positively to the possibility of the Strait of Hormuz being fully reopened soon. He also noted that the drop in oil prices is helping to ease spending pressure on global consumers.
Market forecast and outlook
According to a report from the US Energy Information Agency (EIA), Brent crude oil prices could remain above $95 per barrel for the next two months due to supply disruptions from the conflict, before falling to around $70 per barrel by the end of the year.
However, Simon Flowers, Chairman and Chief Analyst at Wood Mackenzie, cautiously suggests that even if the conflict ends, oil supplies are unlikely to recover immediately due to the lingering effects of the previous disruptions to trade flows.
The Ministry of Industry and Trade explained that this domestic price increase was due to the impact of the military conflict between the US-Israel and Iran, as well as the ongoing tensions between Russia and Ukraine. The earlier production cuts by Gulf countries due to congestion in the Strait of Hormuz had driven up global oil prices before the recent downward adjustment.
