The price of E5 RON92 increased by VND1,350 to VND26,570 per litre, while RON95-III rose by over VND2,080 to around VND29,120 per litre.

Oil products recorded even steeper increases, with diesel climbing by about VND480 to VND30,710 per litre.

Mazut oil 180CST 3.5S saw the largest jump, rising by VND3,380 to VND24,700 per kilogramme.

In contrast, kerosene was sold at VND32,380, down by VND2,710 per litre compared to the previous price adjustment.

The new price schedule was announced after market regulators decided to tap the petroleum price stabilization fund by about VND 4,000–5,000 per litre, depending on the type of fuel.

This is the 11th time in 2026 that petroleum and oil prices have been adjusted. Specifically, the price of RON95 has seen 8 increases and 3 decreases; E5RON92 has witnessed 8 increases and 3 decreases.

Diesel prices have increased 9 times and decreased twice, while mazut oil has been adjusted 8 times upward, twice downward, and once unchanged.

Globally, while the oil market had surged earlier, it then recorded its steepest drop in four years, with prices falling by as much as 12% amid speculation over a potential emergency release of strategic reserves and a wave of conflicting information surrounding the Strait of Hormuz.

According to data from Dow Jones Market Data and MarketWatch, at the close of trading on March 10, April West Texas Intermediate (WTI) crude fell nearly 12% to settle at US$83.45 per barrel on the NYMEX, while May Brent crude declined 11.2% to US$87.80 per barrel on ICE Futures Europe.

At the session’s most volatile moments, WTI prices briefly plunged as much as 15%, dropping to around US$80 per barrel before partially recovering. The sharp decline contrasted with the previous trading session, when both benchmark crudes had surged to nearly US$120 per barrel, rising by as much as 29% in a single day. Despite the historic drop, oil prices remain about 40% higher than at the beginning of the year.

The extreme volatility was initially driven by tensions surrounding the Strait of Hormuz - a strategic waterway through which roughly one-fifth of global oil trade passes. However, the latest sell-off was largely influenced by a stream of conflicting reports regarding the possibility of US naval escorts for oil tankers transiting the strait.

A social media post by US Energy Secretary Chris Wright had suggested that the United States would escort oil tankers through the area, echoing remarks previously made by President Donald Trump. The post was later deleted, and the White House subsequently clarified that the US military was not conducting any escort operations. Iran’s semi-official Fars News Agency also reported that no US military presence had been observed protecting oil tankers in the area.

Petrol prices surge to four-year peak as global oil market turns volatile

VOV.VN - Retail fuel prices in Vietnam rose sharply on March 5 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance, reflecting strong gains in global energy prices impacted by the Middle East tensions.