As of 3 p.m. E5 RON92 increased by nearly VND1,930 to more than VND21,440 per litre, while RON95-III rose by over VND2,180 to around VND22,340 per litre.

Oil products recorded even steeper increases, with diesel climbing by about VND3,750 to more than VND23,000 per litre. Kerosene saw the largest jump, rising by more than VND7,100 to over VND26,600 per litre.

Mazut oil 180CST 3.5S was sold at VND17,490, up by VND1,810 per kilogramme compared to the previous price adjustment a week ago.

The latest adjustment marks one of the most notable increases in recent months, mirroring developments in the global energy market. Statistics show prices of RON 95-III petrol and diesel have reached their highest levels since March 2022, while kerosene has recorded an increase of over VND7,000 per litre for the first time since 2019.

The domestic petrol and oil market has experienced significant volatility following the escalation of conflict in the Middle East last weekend. Currently, Qatar has halted liquefied natural gas production, Israel has temporarily closed its gas fields, while Saudi Arabia has shut down its largest refinery due to the fighting.

Shipping through the Strait of Hormuz – the "choke point" of the world's oil flow – is almost paralysed, with more than 10% of the global container ship fleet stranded there. Many oil tankers have been damaged, and insurance companies are refusing coverage for vessels transiting the area.

Analysts say if tensions in the Middle East continue to escalate or spread further, volatility in global energy markets could persist, putting additional pressure on fuel prices in Vietnam in the coming months.

Vietnam task force set up to safeguard energy security amid Middle East tensions

VOV.VN - Prime Minister Pham Minh Chinh has decided to establish a task force to ensure national energy security in response to the increasingly complex military conflict in the Middle East.