On the afternoon of April 10, the Ministry of Industry and Trade and the Ministry of Finance announced the adjustment of domestic retail gasoline prices, effective from 3:00 p.m. on the same day. This is a period with a fairly deep reduction, reflecting the sharp decline in world oil prices in recent times.

Specifically, the price of E5 RON 92 gasoline decreased by VND1,491/liter, down to VND18,882/liter. RON 95 gasoline also decreased sharply by VND1,712/liter, down to VND19,207/liter. Along with that, the prices of oil products also decreased simultaneously. Diesel oil decreased by VND1,235/liter, down to VND17,243/liter. Kerosene decreased by VND1,322/liter, down to VND17,413/liter. Madut oil decreased by VND1,124/kg, down to VND15,902/kg.

In this operating period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for all products.

Since the beginning of the year, domestic gasoline prices have undergone 15 adjustments. Of these, there have been 6 price decreases, 6 price increases, and 3 times when prices fluctuated in opposite directions between products.

The price decline this period was largely influenced by the world situation. A series of factors such as the US imposing high tariffs on goods from many trading partners, increasing crude oil inventories in the US, and the prolonged Russia-Ukraine conflict... have caused world oil prices to continuously plummet in recent days.

World oil prices continued to fall sharply on April 11, 2025 after a short recovery session. WTI and Brent oil prices both lost more than $2 per barrel, almost erasing all the gains of the previous session.

According to data recorded at 4:30 a.m. Vietnam time on the Oilprice website, the price of WTI oil is currently only 59.49 USD/barrel, down sharply by 4.70%, equivalent to 2.93 USD. Meanwhile, Brent oil also decreased by 4.03%, to 62.91 USD/barrel, equivalent to a decrease of 2.64 USD.

Earlier at noon EDT, WTI crude futures fell $2.22 (3.6%) to $60.13 a barrel, while Brent crude futures also lost $2.04 (3.1%) to $63.44 a barrel.

The reason for the oil price decline is that investors have begun to reassess the news that the US has temporarily suspended tariffs on some trading partners. Although there was a positive signal when US President Donald Trump temporarily suspended high tariffs, in reality he has sharply increased tariffs on China, pushing the total tax on imports from this country to 145%.

Immediately after the US move, China also immediately responded by imposing additional tariffs on US goods, the new tax rate is up to 84%. The escalating trade tensions between the world's two largest economies have raised concerns that global oil demand will weaken.

Ritterbusch and Associates, a consulting firm, said that the US’s increase in tariffs on China will cause a sharp decline in crude oil exports to this market. This could lead to a supply glut, increase domestic oil reserves and put downward pressure on prices in the near future.