Vietnam Petrol Prices Rise 220-690 VND as 0% SCT Cut Weighed for PLX

Overview

Vietnam’s joint Ministry of Industry and Trade and Ministry of Finance adjustment lifted retail petrol and diesel prices by 220-690 VND per litre or kilogram from 15:00 on the pricing date, tracking a week of higher global product prices. The same policy window includes a government review of a proposal to cut special consumption tax (SCT) on petrol to 0% from November 1 to March 31, 2027, a measure that would directly affect Petrolimex (PLX) on HOSE and PVOIL (OIL).

Key Facts

• E10 RON 95-III rose 520 VND to 25,730 VND per litre; E5 RON 92 rose 660 VND to 26,020 VND per litre.
• Diesel rose 690 VND to 30,240 VND per litre; mazut rose to 23,590 VND per kg.
• Regional feedstock RON92 for E5 blending averaged USD 138.6 per barrel, up 4.68% between pricing cycles; diesel rose 2.71% to USD 172.6 per barrel and mazut 1.2% to USD 810.4 per tonne.
• The operator suspended contributions to and drawdowns from the petrol price stabilisation fund (Quỹ bình ổn giá xăng dầu) this cycle.
• Petrolimex and PVOIL applied an additional 300-350 VND per litre discount versus the inter-ministerial reference price through the end of the day.
• At an October 27 meeting on petrol and power price scenarios, Deputy Prime Minister Nguyễn Văn Thắng tasked the Ministry of Finance, with the Ministry of Industry and Trade, Ministry of Justice and other agencies, to review the legal basis and feasibility of cutting SCT on petrol to 0% from November 1 to March 31, 2027.
• Under the SCT Law effective July 1, rates stand at 10% for standard petrol, 8% for E5 and 7% for E10; SCT on petrol was previously cut to 0% from late March through end-June 2026.

What Happened

The adjustment follows a week in which global product prices rose, with the article citing Houthi attacks on Saudi Arabian oil infrastructure, a drawdown in US crude inventories, and higher diesel output from Russian refineries as the main drivers. The inter-ministerial operator set the new reference prices and, for this cycle, halted both provisioning and spending from the stabilisation fund, leaving retail levels to track import parity more closely. Major distributors Petrolimex and PVOIL then undercut the reference price by 300-350 VND per litre through the end of the day.

Separately, the government is examining a temporary SCT holiday on petrol. At the October 27 meeting, Deputy Prime Minister Nguyễn Văn Thắng directed the Ministry of Finance to lead a review of the legal basis and feasibility of a 0% rate from November 1 to March 31, 2027. The article notes the current SCT Law, effective July 1, sets rates of 10% on standard petrol, 8% on E5 and 7% on E10, and that a 0% rate was previously applied from late March to end-June 2026. Environmental protection tax on petrol and diesel remains at 0 VND per litre, and the goods remain outside VAT declaration and payment under a policy extended through end-2026.

Market Context

PLX closed at 34,000 VND and OIL at 12,700 VND on October 29, 2026. Both trade in the Energy and Oil & Gas sector on HOSE, where distributor earnings are driven by inventory timing, fixed per-litre margins and volume rather than by the absolute retail price. The article does not disclose the size of the price change in percentage terms for each grade beyond the VND figures, nor does it state the effective date of the next pricing cycle.

Strategic Significance

The SCT question matters more than the weekly price move. A 0% SCT rate lowers the pump price without reducing the distributor’s landed cost, which supports volume and throughput at Petrolimex and PVOIL while compressing the tax component of the retail price. Because the measure is framed as temporary, from November 1 to March 31, 2027, the durable read-through is limited; the more relevant signal is that the government is willing to use tax tools to stabilise pump prices, which reduces the risk of administered-price caps that would squeeze distributor margins. The suspension of stabilisation fund provisioning this cycle also means retail prices now transmit global moves more directly, raising inventory risk for both tickers.

What to Watch

• Formal Ministry of Finance guidance or a draft resolution on the 0% SCT rate, and whether the November 1 start date holds.
• The next inter-ministerial pricing adjustment and whether stabilisation fund provisioning resumes.
• Petrolimex and PVOIL disclosures on inventory levels and per-litre margin for the quarter covering the tax window.
• Global RON92 and diesel benchmarks, particularly any further disruption to Saudi infrastructure or Russian refinery output.
• Any extension of the 0 VND environmental protection tax and the VAT treatment beyond end-2026.