Update on gasoline and oil prices on April 14: Sharp reversal

At 6:48 PM on April 14, WTI oil price was at 97.29 USD/barrel, down 1.79 USD/barrel, equivalent to a decrease of 1.81%. Brent oil was at 98.98 USD/barrel, down 0.38 USD/barrel, equivalent to a decrease of 0.38%.

Oil prices fell on Tuesday as signs of possible negotiations to end the war between the US and Israel against Iran eased concerns about supplies stemming from the blockade of the Strait of Hormuz.

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...

According to Minister of Industry and Trade Le Manh Hung, it is forecast that in 2026, the demand for gasoline and oil will be more than 28 million m3/ton. The average monthly consumption of gasoline and oil is about 2.35 million m3/ton.

We control about 70% from the two Dung Quat oil refineries (more than 30%) and Nghi Son (about 40%), and 30% we rely on imports. Imports are mainly from ASEAN countries, but these countries also have to buy crude oil from the Middle East. Thus, including both importing crude oil and including gasoline and oil, we have to import up to 70% and depend on the Middle East," Mr. Le Manh Hung informed.

On that basis, Vietnam has developed a number of scenarios. Including the basic scenario when the conflict ends within 4 weeks, the "4 weeks plus 2" scenario and the contingency scenario when conflict occurs more than 4 weeks. To date, it is basically happening according to the "4 weeks plus 2" scenario. Based on such a scenario, Vietnam has synchronously implemented many groups of solutions.

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.

April 14, 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 fuel oil: not higher than 22,613 VND/kg.