Deputy Minister of Industry and Trade: Gasoline and diesel supply guaranteed through end of April

Imports and current inventories can ensure Vietnam’s gasoline and diesel supply through the end of April, Deputy Minister Nguyen Sinh Nhat Tan said at the Government’s regular March press conference.

Supply outlook through end of April

Deputy Minister Nguyen Sinh Nhat Tan said domestic refineries Dung Quat and Nghi Son have enough feedstock to produce through the end of April. In March, importers brought in 3.2 million cubic meters of gasoline and diesel.

Combined with current stock of 2.6–2.8 million cubic meters, the domestic supply can meet production and consumption needs through the month, the deputy said.

Global shock and domestic price adjustments

The deputy attributed recent market volatility to the escalation of the Middle East conflict since late February, which has had major knock-on effects on global gasoline and oil supplies. He said the scale and impact of the crisis exceed the oil shocks of the 1970s.

As a result, Vietnam’s retail gasoline and diesel prices have swung sharply. From late February to date, there have been 13 price adjustments. The current prices are 26,970 dong per liter for RON 95-III gasoline and 44,780 dong per liter for diesel.

Government scenarios and management approach

In response, Vietnam has prepared scenarios for gasoline and oil management since early March. The regulator has planned for a crisis lasting four weeks and possibly longer, Deputy Minister Nguyen Sinh Nhat Tan said. The Ministry of Industry and Trade is drafting scenarios for the following months.

The deputy said the management of supply, demand and prices is based on ensuring energy security, closely following global price movements, and assessing impacts on people and affected sectors. Measures will be implemented to stabilize supply and demand, prices, and balance interests among the State, enterprises and consumers.

Regional comparison and Vietnam’s relative stability

At the Government’s regular meeting the same day, acting Minister Le Manh Hung said Vietnam remains relatively stable while many regional countries face energy crises. He cited that in Thailand, gasoline prices have risen to over 51,000 dong per liter and diesel is around 47,000 dong per liter.

He also noted that Laos and Cambodia have reported closures of many gas stations, while the Philippines has signaled difficulties. In developed economies, some firms have advised workers to work from home to reduce commuting.

In this context, Mr. Hung said Vietnam not only ensures supply but also maintains prices below the global average—roughly 1.3 USD per liter—lower than neighboring countries.

Policy measures to ease pressure

Despite relative stability, the economy still faces difficulties due to heavy reliance on imported energy, domestic demand not yet recovering strongly, and unpredictable external shifts. The regulator therefore needs coordinated measures spanning energy security and industrial restructuring, along with steps to boost domestic consumption to stabilize the macroeconomy.

To respond, the Ministry of Industry and Trade said the Government has used the Fuel Price Stabilization Fund and reduced taxes (environmental tax, VAT, excise) to ease price pressures.

In addition, the regulator is taking steps to increase domestic production capacity, diversify import sources, develop alternative energy (biofuels), and expand reserves and risk management.