People queue to buy petrol at a station in Hà Nội. — VNA/VNS Photo Phạm Tuấn Anh

HÀ NỘI — Domestic retail fuel prices were increased sharply from 3pm on Saturday following a surge in global oil prices and intensified foreign exchange pressures amid growing Middle East tensions, according to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance.

Under the latest adjustment, the retail price of E5RON92 biofuel rose by VNĐ3,777 (US$0.14) to a maximum of VNĐ25,226 per litre, remaining VNĐ1,821 lower than RON95-III gasoline.

The price of RON95-III gasoline increased by VNĐ4,707 to VNĐ27,047 per litre.

Diesel 0.05S saw the steepest rise, climbing VNĐ7,207 to a ceiling of VNĐ30,239 per litre, while kerosene increased by VNĐ8,490 to a maximum of VNĐ35,091 per litre.

Mazut oil rose by VNĐ3,831 to no more than VNĐ21,327 per kg.

The adjustment was implemented after the government allowed immediate price changes when the base price of widely used fuel products increases by 7 per cent or more under a resolution issued on March 6.

The increase was attributed to the latest surge due to global supply disruptions and geopolitical tensions in the Middle East.

The ministries said the move aimed to align domestic fuel prices with global market developments while maintaining a price gap between E5RON92 and RON95 to encourage the use of biofuels.

They also said the fuel price stabilisation fund was neither used nor replenished in this adjustment.

Domestic fuel prices have undergone 11 adjustments since the start of 2026, with RON95 gasoline increasing seven times and decreasing four times.

According to the Industry and Trade Ministry, the global oil market was affected by escalating conflicts in the Middle East which have caused disruptions via the Strait of Hormuz, refinery disruptions in parts of the Middle East, China and India, and export restrictions imposed by several Asian countries to secure domestic supply.

Average global refined fuel prices rose sharply during the March 5-7 calculation period. RON95 gasoline averaged $116.17 per barrel, up 26.37 per cent, while diesel averaged $153.49 per barrel, up nearly 36 per cent, and kerosene surged by more than 36 per cent to $180.88 per barrel.

The ministries said they would continue monitoring market developments and coordinate with relevant agencies to ensure fuel supply and enforce regulations on the domestic petroleum market. — VNS