Fuel prices continue downtrend in Vietnam
Fuel prices continue downtrend in Vietnam
Retail prices for fuel products in Vietnam were slashed by VND500-1,300 (US$0.02-0.05) per liter or kilogram at 3:00 pm on Thursday.
With this fuel price adjustment jointly made by the Ministry of Industry and Trade and the Ministry of Finance, RON95-III gasoline now sells for VND21,000 ($0.89) per liter, down VND1,320 ($0.05).
The price of biofuel RON92 is quoted at VND20,130 ($0.85) per liter, a decrease of VND1,300 ($0.05).
Oil prices were also adjusted downward, with diesel oil now being sold at VND17,650 ($0.75) per liter, a decrease of VND600 ($0.02), and kerosene priced at VND17,970 ($0.76), a drop of VND550 ($0.02).
The price of heavy fuel oil fell by VND640 ($0.02) to VND14,860 ($0.63) per kilogram.
The two ministries also decided to tax each liter or kilogram of all oil and petrol products sold by VND300 to replenish the national fuel price stabilization fund.
In a previous price adjustment made on May 4, domestic retail fuel prices were revised downward VND340-1,300 ($0.01-0.05) per liter or kilogram.
With the new revisions, fuel prices currently sit at a 20-month low.
As of September 10, 2021, each liter of biofuel RON92 cost VND20,140 ($0.85), while gasoline RON95 was capped at VND21,400 ($0.91).
In the year to date, the retail prices of fuel products in the local market have been revised 14 times, with seven hikes and six cuts.
