According to updates at 4:48 PM on April 5, world oil prices simultaneously increased sharply. WTI oil price was at 112.06 USD/barrel, up 0.47 USD/barrel, equivalent to a decrease of 0.40%. Brent oil was at 109.03 USD/barrel, 7.87 USD/barrel, equivalent to an increase of 7.78%.
World oil prices rose as traders worried about prolonged disruptions to oil supplies a day after President Donald Trump announced that the US would continue attacks on Iran.
Since the end of February, the Strait of Hormuz - the world's most important oil transport route - has been closed and exports have been cut from OPEC+ members Saudi Arabia, UAE, Kuwait and Iraq, the only countries in the group capable of significantly increasing production even before the conflict begins.
According to the Ministry of Industry and Trade, the world gasoline and oil market in the past operating period was affected by key factors such as: Military conflict between the US, Israel and Iran continues to occur, increasing tensions appear when the US President declares that he will continue to attack Iran and Iran takes retaliatory actions; Iran continues to control the Strait of Hormuz; Houthi forces in Yemen, Hezbollah in Lebanon attack Israel; military conflict between Russia and Ukraine continues to occur...
In the above context, Vietnam has flexibly combined the Price Stabilization Fund, adjusted taxes and fees and dynamic operating mechanisms to protect consumers, maintain macroeconomic stability and avoid long-term budget burdens.
According to the Domestic Market Management and Development Department (Ministry of Industry and Trade), the gasoline and oil price stabilization fund was activated up to 9 times in just one month, with a total estimated expenditure of 5,300 billion VND (about 217 million USD). This is the first time in history that the state budget has been directly advanced to the Fund - with a scale of 8,000 billion VND (about 303 million USD) according to Decision No. 483 signed by the Prime Minister on March 27.
In parallel with the Price Stabilization Fund, the Government is implementing many simultaneous fiscal tools: Preferential import tax to 0% for some gasoline and oil items from March 9 to April 30, 2026; Environmental protection tax to 0% for gasoline (excluding ethanol), diesel and aviation fuel from midnight March 26 to April 15; Special consumption tax on gasoline reduced from 8–10% to 0%; VAT declaration exemption while still deducting input tax.
Regarding the operating mechanism, an important breakthrough is that from March 6, the inter-ministry of Industry and Trade - Finance is allowed to adjust prices immediately when the base price increases by over 7% - without waiting for the end of the 7-day cycle. By March 19, according to Resolution 55, this mechanism is even more flexible: allowing adjustments within one day if fluctuations exceed 15%.
