According to a survey at 2:14 PM on March 3, world gasoline and oil prices simultaneously increased. WTI oil price was at 73.12 USD/barrel, up 1.89 USD/barrel, equivalent to an increase of 2.65%. Brent oil was at 80.33 USD/barrel, up 2.59 USD/barrel, equivalent to an increase of 3.33%.
On March 2, the Commander of the Iranian Islamic Revolutionary Guard Corps announced that the Strait of Hormuz has been blocked and any ships trying to pass through can become targets.
If completely blocked, Hormuz - the transit point for about 1/5 of global oil - could shake the energy market, pushing oil prices to skyrocket. This strategic sea route connects major oil exporters in the Gulf region such as Saudi Arabia, Iran, Iraq and the United Arab Emirates (UAE) to the Gulf of Oman and the Arabian Sea.
According to the Ministry of Industry and Trade, the world gasoline and oil market in the operating period last week (from February 2026 - February 25, 2026) was affected by key factors such as: US temporary import tax policy; increased US crude oil inventories; tense situation between the US and Iran; ongoing military conflict between Russia and Ukraine... The above factors caused world gasoline and oil prices in recent days to increase and decrease depending on each item.
According to a representative of a gasoline and oil business, domestic gasoline and oil prices will fluctuate according to the world gasoline and oil situation. According to current market developments, it is predicted that in the next price adjustment period, retail gasoline and oil prices may increase sharply.
In which the forecast: RON 95-III gasoline increased by about 1,510 VND/liter; E5 RON 92 - II gasoline increased by about 1,400 VND/liter; diesel oil increased by about 2,450 VND/liter.
Compared to the first operating period of the year - January 8, 2026, by February 26, 2026, the prices of gasoline and oil items all increased.
Accordingly, E5 RON 92 gasoline increased by 1,290 VND/liter, from 18,233 VND/liter to 19,523 VND/liter; RON 95-III gasoline increased by 1,591 VND/liter, to 20,151 VND/liter.
The oil group recorded even higher increases, in which diesel oil 0.05S increased by 2,218 VND/liter, kerosene increased by 1,910 VND/liter and mazut oil 180CST 3.5S increased by 2,286 VND/kg.
In the adjustment session last week on February 26, 2026, gasoline prices simultaneously increased sharply compared to the price adjustment period last week. In which, E5 RON 92 gasoline is priced at 19,523 VND/liter (an increase of 889 VND/liter). RON 95-III gasoline is priced at 20,151 VND/liter (an increase of 999 VND/liter).
Meanwhile, the prices of oil products fluctuated in opposite directions. Diesel oil 0.05S is priced at 19,279 VND/liter (up 754 VND/liter); kerosene has a new price of 19,469 VND/liter (up 854 VND/liter); mazut oil 180CST 3.5S is priced at 15,689 VND/kg (down 173 VND/kg).
In the last week's operating period, the regulator did not make provisions or use the Petroleum Price Stabilization Fund - BOG for all petroleum products.
