Petrolimex (PLX) Fuel Prices: E10RON95-V Tops 29,000 VND/Liter

Overview

Petrolimex (HOSE: PLX) and PV Oil (UPCOM: OIL) published retail fuel prices effective 3pm on October 8, following the state price-management session at 3pm on October 7. The headline move is Euro 5-grade E10RON95-V, priced above 29,000 VND/liter, up 1,000 VND from the prior adjustment, while standard high-grade 0.001S Euro 5 diesel was set above 30,500 VND/liter. The announcement matters for PLX and OIL because retail pricing directly shapes distribution margins on Vietnam’s most heavily traded petroleum products.

Key Facts

• E10RON95-V (Euro 5 emission standard) set at 29,050 VND/liter in region 1 and 29,630 VND/liter in region 2, up 1,000 VND.
• Petrolimex listed E5RON92 level 2 at 27,700 VND/liter and E10RON95 level 3 at 28,250 VND/liter, 3-4 VND below the state-regulated price.
• Diesel 0.001S Euro 5 at 30,520 VND/liter, down 590 VND/liter; DO 0,05S level 2 at 29,120 VND/liter, down 780 VND/liter.
• Kerosene quoted at 30,630 VND/kg.
• PV Oil and Saigon Petro published identical prices for E5RON92 level 2 (27,700 VND/liter), E10RON95 level 3 (28,250 VND/liter) and diesel 0.001S level 5 (30,520 VND/liter).
• PV Oil did not list E10RON95 level 5, stating it does not trade that product.
• PLX closed at 37,600 VND and OIL at 13,200 VND on October 8.

What Happened

On the basis of the price-management session held at 3pm on October 7, petroleum traders announced retail prices for products outside the list of common consumer goods. Vietnam National Petroleum Group (Petrolimex), the largest market-share holder, set E10RON95-V at 29,050 VND/liter in region 1, covering areas near ports, terminals and production facilities, and 29,630 VND/liter in region 2 for more distant locations. Euro 5 gasoline is aimed at premium vehicles and is not classified as a common consumer product, so the state does not publish a reference price and traders set it themselves.

For common consumer grades, Petrolimex listed E5RON92 level 2 at 27,700 VND/liter and E10RON95 level 3 at 28,250 VND/liter, 3-4 VND below the state-regulated level. Diesel 0.001S Euro 5 was set at 30,520 VND/liter, down 590 VND, while DO 0,05S level 2 fell 780 VND to 29,120 VND/liter. Petrovietnam Oil Corporation (PV Oil) and Saigon Petro published matching prices for the common grades, with PV Oil noting it does not trade E10RON95 level 5.

Market Context

Under current rules, the state publishes administered prices for common products including E10RON95 level 3, E5RON92, diesel 0.05S and mazut 180CST 3.5S, and traders may not sell above that ceiling. Non-listed products are priced freely by region. PLX closed at 37,600 VND on October 8 and OIL at 13,200 VND, with the retail price reset arriving alongside a mixed adjustment: a 1,000 VND increase for the premium Euro 5 gasoline grade and cuts of 590-780 VND for diesel grades. The divergence reflects the split between state-capped consumer fuels and freely priced premium products.

Strategic Significance

The pricing structure reinforces the two-tier nature of Vietnam’s fuel retail market. Volumes sit in the state-capped common grades, where the ceiling limits per-liter margin expansion, while premium Euro 5 products such as E10RON95-V carry trader-set prices and offer a higher-margin channel as the vehicle fleet upgrades. For PLX, the largest distributor, the ability to price region 2 at 29,630 VND/liter versus 29,050 VND/liter in region 1 shows how logistics distance is monetized outside the administered basket. For OIL, the decision not to trade E10RON95 level 5 leaves that premium segment to larger competitors, concentrating its exposure in the capped consumer grades.

What to Watch

• The next joint price-management session and any change to the E10RON95-V premium spread over E10RON95 level 3.
• Monthly Petrolimex and PV Oil volume disclosures for evidence of consumer-grade demand response to the diesel cuts.
• Ministry of Industry and Trade statements on whether Euro 5 gasoline will be added to the administered price basket.
• PLX and OIL third-quarter earnings, which will show whether retail margin compression or expansion followed this reset.
• Inventory and import cost data, given the lag between landed cost and retail price adjustments.