The popular fuel E10 RON95 dropped 2.32% to VND22,320 (US$0.85) per liter.

E5 RON92 declined 2.95% to VND21,720. Diesel fell 0.29% to VND27,540.

Global oil prices have trended lower over the past seven days, driven by expectations of improved supply if tensions between the U.S. and Iran ease, as well as rising U.S. crude oil inventories.

Recent conflict in the Middle East has affected fuel import procurement by Vietnam's petroleum wholesalers. At the same time, stronger fuel demand in several localities has increased supply pressure, forcing wholesalers to temporarily regulate sales volumes in the short term.

An employee refills a car at a fuel station in Hanoi, March 2022. Photo by VnExpress/Pham Chieu

Last week, Standing Deputy Prime Minister Pham Gia Tuc instructed the Ministry of Industry and Trade to closely monitor the petroleum market, assess supply, demand, and inventory levels, and ensure that no fuel shortages occur.

The ministry was also directed to instruct petroleum wholesalers to proactively secure supplies, maintain uninterrupted sales, and report the supply situation to the Prime Minister’s office.