Starting from 3 PM on September 10, 2023, fuel prices in Vietnam have experienced a notable increase. The Ministry of Industry and Trade, along with the Ministry of Finance, announced a price adjustment that saw gasoline prices rise between 960 and 1,260 VND per liter. Specifically, the price of E5 RON 92 gasoline increased by 1,260 VND, reaching a new retail price of 23,740 VND per liter, while E10 RON 95 saw an increase of 960 VND, bringing its price to 24,230 VND per liter.

In addition to gasoline, diesel prices also rose by 740 VND per liter to 28,480 VND, and mazut prices increased by 510 VND per liter, now priced at 18,150 VND per kilogram. Notably, during this adjustment period, the regulatory authorities decided not to draw from the stabilization fund, instead utilizing it by applying a 500 VND per liter subsidy for gasoline.

This marks the second consecutive increase in domestic fuel prices following a previous decrease. Despite these increases, the current fuel prices in Vietnam remain lower than those in several neighboring countries. The rise in fuel prices comes amidst a backdrop of escalating global oil prices, with Brent crude oil surpassing 100 USD per barrel for the first time since July. This surge is attributed to rising tensions in the Middle East, particularly following reports of missile strikes by Iran on U.S. vessels and bases in Jordan.

According to analysts, if hostilities continue and transportation through the Strait of Hormuz is restricted, oil prices may remain above 100 USD per barrel, potentially exerting further upward pressure. The conflict has not only affected crude oil prices but has also impacted refined fuel products, leading to increased costs for consumers. Reports indicate that the physical price of Brent crude has been above 100 USD per barrel since September 3, highlighting the conflict's ripple effects across global energy markets.