This adjustment marks the second consecutive decline for domestic petrol prices following six successive increases. The move coincided with a surge in international crude oil prices on October 22, where Brent crude rose USD 2.82 per barrel to USD 111.64, approaching a five-month high, and US West Texas Intermediate (WTI) gained USD 2.24 to USD 99.39. The price escalation was attributed to escalating tensions in the Middle East, including renewed Houthi attacks targeting Saudi Arabia, which heightened concerns about global energy supply disruptions. Despite the domestic petrol price cut, the Ministry noted that Vietnam’s fuel prices remain lower than those in many neighboring countries.
Global oil markets have experienced significant volatility in recent weeks, driven by a combination of geopolitical risks and weather-related supply issues. On October 10, WTI stood at USD 91.66 per barrel and Brent at USD 104.42, following a sharp rise caused by a hurricane that temporarily halted more than 70% of US offshore oil production in the Gulf of Mexico. By October 26, world oil prices had fallen as diplomatic expectations in the Middle East eased some supply concerns, although risks to shipping and energy infrastructure remained.
Earlier in August 2026, a previous adjustment cycle saw prices rise across the board due to stalled peace negotiations between the US and Iran and the suspension of commercial transactions by the UAE with Iran. During that period, diesel recorded the steepest increase at VND 1,310 per liter, reaching VND 28,540, while E5 RON 92 gasoline rose by VND 600 to VND 21,830. The Ministry of Industry and Trade cited the upward trend in global refined fuel prices, with 0.05S diesel averaging USD 160.31 per barrel and RON 92 gasoline at USD 112.67 per barrel, as the primary drivers for the August hike.
As of October 27, retail prices in Region 1 for E10 RON 95 Level 3 stood at VND 24,910 per liter, based on the Petrolimex price list effective from October 22. The next price adjustment period is scheduled for October 29, 2026. Domestic price changes will depend on the average price of finished products and other constituent factors during the pricing period. While international oil prices have seen recent dips, a single day of falling crude is insufficient to predict a corresponding decrease in domestic retail prices without a complete set of average product data.
