Vietnam’s Ministry of Trade on September 12 decided to immediately reduce gasoline pump price by some 5 per cent following a downward global price trend.
The retail price of various kinds of petrol will be lessened by VND1,000 a liter.
A liter of A92 gasoline now costs VND11,000 while a liter of A90 and A83 gasoline is sot at respectively VND10,800 and VND10,600.
Deputy Trade Minister Phan The Rue said this price cut rate - the first reduction in the year - ensures a fair deal for the State coffers, petroleum traders and consumers.
However, the selling price of kerosene and diesel oil remains unchanged at VND8,600 a liter as the State coffers are still subsidizing sales of these items, about VND1,500 for each liter sold, according to the Ministry of Trade.
Global crude oil prices, which have been dropping continuously for the last three weeks, reached their lowest level in three months on Tuesday, falling to $65.69 per barrel.
The world price is forecast to be lower if the political tensions in several regions like the Middle East are further eased down, the OPEC will not cut production and major nations like Japan, India and China stockpile less oil, Rue said.
For the time being, the government fixes selling prices of petroleum products, which are all imported as Vietnam has no refining facilities. It had raised the selling price of the distillated fuel twice this year, one in April and one in August.
However, according to Rue, the government is loosening its control over the fuel market and will let a market regulating mechanism soon.
Young People, Vietnam & World Economy
Vietnamese
