Rapid policy to cool down fuel prices and stabilize the economy.

Flexible management, a series of price stabilization solutions have been activated.

For weeks now, the military conflict in the Middle East has caused global oil markets to fluctuate rapidly and sharply. Oil and oil supply have become hot keywords, especially as Vietnam is a net importer of these fuels.

Gasoline and oil are strategic commodities, belonging to the fundamental sectors, and directly impacting production, business activities, and daily life. When supply is disrupted and prices rise sharply, the economy is easily subjected to significant pressure, even facing the risk of "stagnant inflation"—high inflation accompanied by slow growth.

However, over the past month, domestic gasoline and diesel supplies have been largely secured, and the supply chain has remained smooth. The price increase has been controlled, and prices have significantly decreased from their peak to a more reasonable level, thereby contributing to reducing pressure on production, business, and people's living costs.

"This is thanks to the flexibility in managing gasoline and diesel prices, along with the 'lightning-fast' policy decisions of the State," affirmed Associate Professor Dr. Nguyen Thuong Lang - Institute of International Trade and Economics (National Economics University).

Notably, according to Mr. Nguyen Thuong Lang, the regulatory agency has adjusted prices according to market developments, even shortening the operating cycle when necessary - something rarely seen before.

Following the outbreak of conflict in the Middle East, the Prime Minister established a Task Force on Energy Security to monitor and forecast the situation and promptly address any issues related to gasoline and oil.

By March 6th, the Government authorized the Ministry of Industry and Trade – Ministry of Finance to manage prices immediately when the base price increased by more than 7%, without waiting for the full 7-day cycle. This mechanism, applied from the March 7th price adjustment period, helps ensure supply and keeps domestic prices closely aligned with global developments, limiting the situation of "shocks concentrated in one period".

On March 19th, the mechanism was further adjusted according to Resolution 55: When the base price increases by 15% or decreases by more than 10%, the inter-ministerial committee is allowed to make adjustments immediately after one day.

Simultaneously, the fuel price stabilization fund was activated with nine disbursements in nearly a month, totaling an estimated 5,300 billion VND. The government also reduced preferential import taxes on some petroleum products to 0% from March 9th to April 30th, 2026, to support businesses in accessing supply amidst volatile international markets.

On March 20th, the Politburo issued Conclusion No. 14-KL/TW on ensuring stable fuel supply and prices in the new situation. In it, the Politburo instructed the Standing Committee of the Government Party Committee to urgently lead and direct relevant agencies to closely monitor and forecast the situation and developments in global fuel supply, demand, and prices to proactively develop effective response scenarios; to immediately consider using fiscal policy tools such as taxes, fees, budget expenditures, monetary policies, price management policies, trade policies, etc., combined with strengthening inspection and control measures, tightening management against smuggling, closely managing key distributors and traders; and strictly handling hoarding for profit and commercial fraud.

Recently, the Prime Minister issued Decision 482 on the application of tax rates on gasoline, diesel, and aviation fuel when necessary for the national interest.

Accordingly, from 24:00 on March 26th to April 15th, 2026, the environmental protection tax on gasoline (excluding ethanol), diesel fuel, and aviation fuel will be reduced to 0 VND/liter; these items are not subject to value-added tax declaration and payment, but are still eligible for input tax deduction.

The excise tax on gasoline has also been adjusted from 8-10% to 0%. The Ministry of Finance stated that the tax reduction could decrease budget revenue by approximately 7,200 billion VND per month. However, this is seen as a tool to support the stabilization of gasoline prices, thereby reducing cost pressure on people and businesses.

Proactively develop response scenarios in the new situation.

Thanks to the simultaneous implementation of a series of solutions, domestic gasoline and diesel prices have fallen sharply from their peak, thereby stabilizing market sentiment and controlling inflation.

Specifically, in the price adjustment on the night of March 26th, the price of E5 RON92 gasoline dropped to 23,326 VND/liter, a sharp decrease of 6,788 VND/liter (-22.5%) compared to the peak recorded on March 24th. The price of RON95-III gasoline also decreased by 9,508 VND/liter (-28.1%), down to 24,332 VND/liter.

Diesel 0.05S decreased by 4,226 VND/liter (-10.65%), to 35,440 VND/liter. Kerosene also fell from its peak of 40,455 VND/liter to 35,384 VND/liter, equivalent to a 12.5% ​​decrease.

Meanwhile, with conflicts in the Middle East showing no signs of abating and the potential for disruptions to energy flows through the Strait of Hormuz, global oil prices are volatile and unpredictable. This necessitates proactive measures from regulatory authorities to develop contingency plans for all eventualities.

On March 27, the Government issued Resolution 69, allowing for the advance of 8,000 billion VND from the increased central government revenue in 2025 to the Fuel Price Stabilization Fund to support the stability of the domestic market. At the same time, the Ministry of Finance proposed extending the reduction of fuel taxes to zero until the end of June 2026 to help control inflation and support production and business activities.

These actions demonstrate the increasingly prominent regulatory role of the State, not only in maintaining stability in the petroleum market but also in its ability to proactively adapt to external fluctuations.

From short-term measures to long-term strategies regarding the supply and stockpiling of raw materials and fuels, these are being implemented to help maintain a stable energy flow and reduce risks from external shocks.

"It can be seen that the management decisions are closely aligned with reality, and the solutions have proven effective in helping domestic gasoline and diesel prices fall rapidly," Mr. Lang commented.

According to expert Nguyen Thuong Lang, the timely adjustment of many tax rates and unprecedented policy decisions have demonstrated the proactive and flexible management of the State, thereby contributing to market stability.

This also demonstrates the ability of the government to respond quickly and effectively to external changes, contributing to strengthening the confidence of businesses and the public.