Vietnam gas prices down further on global falls

Thien Thanh Sanitaryware joint company

Vietnam gas prices down further on global falls

Vietnamese fuel traders on Saturday lowered the retail prices of gasoline for the tenth consecutive time since late July, following an order by two ministries.

The Ministry of Finance and the Ministry of Industry and Trade ordered the cut following a drop in global fuel prices between November 7 and 21.

The price of 92-RON gasoline, the most commonly used fuel in Vietnam, went down by VND1,141 at VND20,251 (US$0.95) per liter, effective 11 a.m. Saturday.

The diesel price was down VND585 to VND18,657 per liter. Kerosene now retails at VND19,250 per liter, down VND459 from earlier.

The two ministries also ordered fuel traders to continue to contribute VND600 from every liter they sell to the fuel price stabilization fund.

The fund, established in 2009, is used to subsidize prices during periods of high global prices or when the government wants to keep prices low.

By Ha Nguyen, Thanh Nien News