According to representatives from the Ho Chi Minh City Department of Industry and Trade, the price of RON95 gasoline in Vietnam remains lower than equivalent products in several countries across the region.

“Anyone who still has inventory should pump it out and sell it. If you keep holding it, you will have to bear the losses later,” an official advised fuel traders.

On the morning of March 10, during a working session between the Ho Chi Minh City Department of Industry and Trade and fuel distribution businesses, Nguyen Khac Hieu, deputy head of the Energy Management Division, analyzed the price structure of RON95 gasoline.

Currently, this type of gasoline is priced at VND27,047 per liter (approximately US$1.10). Of this, the import cost from the Singapore market accounts for nearly VND19,000 per liter (approximately US$0.77), equivalent to around 70 percent of the total price structure.

The remaining 30 percent consists of import taxes, logistics costs and business operating expenses.

According to Hieu, the government’s recent decision to reduce the preferential import tax on certain fuel products from 10 percent to zero percent will help stabilize domestic retail gasoline prices.

In addition, the Ministry of Industry and Trade and the Ministry of Finance are preparing to activate the fuel price stabilization fund. If global oil prices rise sharply, the fund will be used immediately to support price control.

As a result, gasoline prices in the coming period are expected to remain relatively stable, especially as global oil prices are currently trending downward.

“Those who still have fuel in storage should release it for sale. If they keep it, they will have to accept losses later,” he told traders attending the meeting.

How Vietnam’s fuel prices compare with other countries

According to the Ho Chi Minh City Department of Industry and Trade, Vietnam’s RON95 gasoline price remains lower than comparable products in several countries across the region.

Specifically, gasoline prices are currently about VND46,000 per liter (US$1.87) in Singapore, VND38,600 per liter (US$1.57) in Laos and VND32,000 per liter (US$1.30) in Thailand.

In China, the price is around VND28,900 per liter (US$1.18), while Cambodia records about VND28,800 per liter (US$1.17).

Indonesia’s gasoline price is around VND20,000 per liter (US$0.81), while Malaysia records roughly VND17,000 per liter (US$0.69) due to government fuel subsidies.

“Overall, gasoline prices in Vietnam are increasing, but compared with countries with similar levels of economic development, our prices remain lower,” Hieu said.

In response to current market conditions, the Ho Chi Minh City Department of Industry and Trade is testing a localized fuel management approach that includes three key measures.

First, distributors that need to move fuel tankers within the city center can submit documents to the department with vehicle license plates and travel routes. The department will then coordinate with the city’s Department of Construction to allow tankers to travel during daytime hours, helping speed up fuel distribution.

Second, importers encountering difficulties with customs procedures can notify the department so it can coordinate with local customs authorities to provide a “green lane” for faster clearance.

Third, the department will implement a daily monitoring plan for fuel supply. Fuel wholesalers and distributors will be required to report their inventory and supply situation each day, allowing authorities to coordinate distribution between areas experiencing shortages and those with surplus supply.

Officials also noted that several suburban areas in Ho Chi Minh City recently experienced brief fuel shortages lasting only a few hours.

This triggered anxiety among some residents, prompting them to buy gasoline using their motorbikes, siphon fuel from their tanks and store it in containers at home for stockpiling.

Authorities warned that this behavior is extremely dangerous and should be strictly prohibited due to serious fire safety risks.

Tran Tien Dat, deputy head of the Ho Chi Minh City Market Surveillance Sub-Department, said that on the morning of March 10, residents in one suburban district increased gasoline purchases and attempted to store fuel in containers.

Market surveillance forces coordinated with local police to educate residents about the dangers of storing gasoline at home.

Under the current circumstances, Dat urged fuel suppliers to strengthen their responsibility to ensure stable supply and maintain energy market stability.

He also called on consumers to remain calm.

“Consumers can rest assured that authorities are working actively and effectively. Businesses are fulfilling their responsibilities to the market. Therefore, people should stay calm and avoid stockpiling gasoline,” he said.

Tran Chung