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Petrol prices cut as world oil markets cool down

May 24th at 15:29
24-05-2012 15:29:35+07:00

Petrol prices cut as world oil markets cool down

The Ministry of Finance cut the retail price of A92 petrol by VND600 yesterday afternoon, from VND23,300 to 22,700 per litre. The price of diesel fuel was also reduced by VND400 to 21,200 per litre.

This move marked the second reduction in fuel prices this month, following a VND500 reduction in petrol prices on May 10.

The reductions were a response to declining world petrol and oil market since early this month, said the ministry. The average world price of RON 92 petrol in the first half this month dropped by 6.94 per cent from US$131 to $122 per barrel in late April.

The Viet Nam National Petroleum Group (Petrolimex) reported the world price of A92 petrol reduced to $114.61 per barrel last Friday, but the price rebounded slightly this Tuesday to $115.63. The price gives dealers a profit margin of VND1,600 per litre after taxes, fees and contributions to the petrol price stabilisation fund.

The Ministry of Finance yesterday also reduced the retail price of fuel oil by VND300 to VND18,900 per litre and the price of kerosene to VND21,100 per litre

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