Petroleum traders in Vietnam December 1 again lowered domestic retail prices by between 3.7 per cent and 7.69 per cent per liter as global oil price plunged below US$60 per barrel in recent weeks, the Ministry of Industry and Trade said.
From late afternoon of December 1, a liter of A92 and A95 gasoline was reduced by VND1,000/liter or 7.69 per cent and 7.4 per cent to VND12,000/liter, and VND12,500/liter, respectively.
Also, prices of kerosene and mazut were slashed by VND500/liter or 3.7 per cent to VND13,000 and by 5.55 per cent to VND8,500/liter, in turn.
Diesel 0.05S price was cut by VND1,000/liter or 7.69 per cent to VND12,000/liter.
This is the ninth petroleum price reduction in the Vietnamese market since the government’s decision to grant price defining authority to petroleum traders from September 16.
On the same day, the Ministry of Finance decided to increase import tariffs of gasoline, kerosene, and mazut by 10 per cent to 35 per cent. The import tax for jet fuel was also raised to 35 per cent from 5 per cent.
The new import taxes will be applied from December 2.
The price cut and import tax hike decision aims at increasing benefits to the State, domestic consumers, and petroleum traders, the ministry attributed.
Vietnam spent US$10.55 billion on importing 11.8 million metric tons of petroleum products in the first eleven months this year, up 58.3 per cent on year in value and 3.1 per cent in volume, the office said. (Local sources)
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