Việt Nam cuts retail fuel prices on August 6

Việt Nam cuts retail fuel prices on August 6

The Ministry of Industry and Trade, and the Ministry of Finance set aside VNĐ200 per litre for biofuel into the Petroleum Price Stabilisation Fund, financed through a temporary advance from the state budget. No disbursement was made from the fund.

A petrol station in Hà Nội. — VNA/VNS Photo

Retail prices of all major fuel products were adjusted from 3pm on Thursday, lowering gasoline and fuel oil prices while raising diesel prices, according to a joint decision by the Ministry of Industry and Trade, and the Ministry of Finance.

The price stabilisation fund was also replenished during the latest pricing period.

Under the decision, the Ministry of Industry and Trade, and the Ministry of Finance set aside VNĐ200 per litre for biofuel into the Petroleum Price Stabilisation Fund, financed through a temporary advance from the state budget. No disbursement was made from the fund.

The maximum retail price of E5RON92 biofuel was reduced by VNĐ1,160 to VNĐ21,728 (US$0.83) per litre, while that of E10RON95-III fell by VNĐ1,035 to VNĐ22,324 per litre.

In contrast, the price of 0.05S diesel rose by VNĐ1,080 to VNĐ27,544 per litre. The ceiling price of 180CST 3.5S fuel oil declined by VNĐ587 to VNĐ16,391per kilogramme.

The Ministry of Industry and Trade said it will continue coordinating with relevant agencies to monitor fuel supply and inspect compliance by petroleum traders, with violations subject to strict penalties.

The two ministries will also continue monitoring global market developments and adjust domestic fuel prices accordingly, while proposing additional price stabilisation measures to the Government and the Prime Minister when necessary. 

Bizhub