Vietnam cuts fuel prices 7th time this year

Thien Thanh Sanitaryware joint company

Vietnam cuts fuel prices 7th time this year

Retail gasoline prices in Vietnam have been cut by around 6.5 percent on Thursday, the seventh reduction this year and the fifth since June, as global oil prices continue to decline. The most popular grade RON-92 now sells at VND17,338 (76 US cents) per liter, while biofuel alternative E5 is priced at VND16,843 (73 cents) per liter, according to an announcement released by the Ministry of Industry and Trade, and the Ministry of Finance.

The retail prices of diesel oil and kerosene are lowered by less than 1 percent to VND13,310 (58 cents) and VND12,286 (53 cents) respectively.

In their statement, the ministries said the latest adjustment was because the global fuel prices declined "quite sharply" over the past two weeks.

They said RON-92's price decreased by 9.6 percent to sell at $56.414 per barrel, while diesel and kerosene saw a reduction of $0.5-2 per barrel.

Vietnamese authorities have adjusted retail fuel prices for 11 times this year, including four hikes.