The global gasoline market has seen significant fluctuations lately, influenced by various factors including changes in U.S. tax policies, increased oil production from OPEC+, and ongoing geopolitical tensions, particularly the conflict between Russia and Ukraine. As a result, the retail prices of gasoline have been adjusted downward, reflecting these trends.
Effective from 3:00 PM on April 17, 2025, the Ministry of Industry and Trade - Finance announced a reduction in the prices of several petroleum products. The price of E5RON92 gasoline has decreased by 384 VND per liter, bringing it to 18,498 VND per liter. Similarly, RON95-III gasoline has seen a reduction of 351 VND per liter, now priced at 18,856 VND per liter. Diesel prices have also dropped by 206 VND per liter to 17,037 VND, while kerosene is now at 17,184 VND per liter after a reduction of 229 VND. In contrast, the price of mazut has increased slightly by 58 VND per kilogram, reaching 15,960 VND per kg.
According to the Ministry, the price reductions are attributed to a continued decline in global gasoline prices during the week from April 10 to April 16, 2025. Specifically, RON92 gasoline prices fell by 2.65%, RON95 by 2.21%, diesel by 1.21%, and kerosene by 1.38%. Meanwhile, mazut experienced a modest increase of 0.72%.
This latest adjustment follows a significant decrease in prices during the previous adjustment period on April 10, 2025, when E5RON92 was reduced by 1,491 VND per liter, and RON95-III by 1,712 VND per liter—the largest reductions seen this year. The Ministry of Industry and Trade has opted not to utilize the petroleum price stabilization fund for this adjustment, emphasizing the importance of maintaining stability in the market.
As gasoline prices continue to fluctuate, experts suggest that the ongoing geopolitical tensions, particularly the conflict in Ukraine, and changes in U.S. tax policies are likely to keep influencing the market. Additionally, the International Energy Agency (IEA) has predicted slow growth in oil demand for 2025, further complicating the landscape for fuel pricing.
In light of these developments, the Ministry has committed to ensuring a stable supply of petroleum products and has vowed to take strict action against any violations in the market. The coordination with relevant agencies will be crucial in managing supply and maintaining price stability amidst these fluctuating conditions.
With these adjustments, consumers are expected to benefit from lower prices at the pump, providing some relief in the face of rising costs in other areas. The government’s proactive measures in monitoring and adjusting fuel prices reflect an effort to balance market conditions with consumer needs.
As the global landscape continues to evolve, the interplay between domestic policies and international market dynamics will be critical in shaping the future of fuel pricing. Consumers and industry stakeholders alike will be watching closely to see how these factors unfold in the coming months.
