At 5:30 PM on April 13, WTI oil price was at 104.58 USD/barrel, up 8.01 USD/barrel, equivalent to an increase of 8.29%. Brent oil was at 102.40 USD/barrel, up 7.20 USD/barrel, equivalent to an increase of 7.56%.
Oil prices reversed to increase to $100 a barrel on Monday as the US Navy prepares to block ships in and out of Iran through the Strait of Hormuz, a move that could limit Iran's oil exports, after Washington and Tehran failed to reach an agreement to end the war.
Earlier on Sunday, President Donald Trump announced that the US Navy would begin blockading the Strait of Hormuz, escalating tensions after prolonged negotiations with Iran failed to reach a ceasefire agreement and threatened a fragile two-week ceasefire agreement.
In the price adjustment session last week, the world gasoline and oil market was affected by key factors such as: Military conflict between the US, Israel and Iran; temporary ceasefire between the US and Iran; military conflict between Russia and Ukraine still taking place...
On April 12, the National Assembly decided to reduce taxes on gasoline, oil, and aviation fuel, including environmental protection tax, VAT, and special consumption tax to 0. This Resolution takes effect from April 16, 2026 to the end of June 30, 2026.
Accordingly, environmental protection tax on gasoline (excluding ethanol), diesel oil, aviation fuel, kerosene and mazut oil is 0 VND. Special consumption tax on all types of gasoline is also reduced to 0%. Gasoline, diesel oil and aviation fuel are not subject to VAT declaration and payment but are still subject to input deductions. Business establishments and enterprises importing gasoline, oil products (diesel, kerosene, mazut) and aviation fuel are not subject to VAT declaration and payment when selling and at the import stage.
In case of emergency, the Government is allowed to adjust (shorten or extend) the application time of this policy, and report to the National Assembly at the nearest session.
April 13th, 2026, domestic gasoline and oil prices are applied at:
- E5RON92 gasoline: not higher than 22,344 VND/liter, lower than RON95-III gasoline by 1,199 VND/liter;
- Gasoline RON95-III: not higher than 23,543 VND/liter;
- Diesel oil 0.05S: not higher than 32,969 VND/liter;
- 180CST 3.5S mazut oil: not higher than 22, 613 VND/kg.
According to the Ministry of Industry and Trade, Vietnam's gasoline and oil prices are currently at an average level and lower than countries sharing a common border.
Gasoline and oil selling prices of neighboring countries of Vietnam on April 9, 2026: (1) Regarding gasoline prices: Singapore: 70,328 VND/liter; Thailand: 35,999 VND/liter (Government subsidies); Cambodia: 36,167 VND/liter (Government subsidies); Laos: 49,058 VND/liter; China: 36,200 VND/liter (Government price control); Vietnam: 22,344 VND/liter.
(2) Regarding oil prices: Singapore: 86,985 VND/liter; Thailand: 39,635 VND/liter (Government subsidies); Cambodia: 53,922 VND/liter; Laos: 61,488 VND/liter; China: 33,070 VND/liter (Government price control); Vietnam: 32,969 VND/liter.
