Vietnam Cuts 3.44 per cent of Petroleum Prices upon Global Oil Price Fall

Petroleum traders in Vietnam have decided to continuously slash domestic retail price by between 3.12 per cent and 3.44 per cent per liter in the face of the global oil price fluctuates at around US$62 per barrel in recent time, the Ministry of Industry and Trade said.

 

Under the price cut decision effective on October 31, a liter of A92 gasoline is discounted by VND500/liter or 3.22 per cent to VND15,000 (US$0.90)/liter, and A95 VND500/liter or 3.12 per cent to VND15,500 (US$0.93)/liter.

 

Diesel 0.05S and kerosene prices were also cut by VND500/liter or 3.44 per cent to VND14,000/liter, and 3.12 per cent to VND15,500/liter, respectively.

 

A liter of mazut, meanwhile, was offered at VND11,500 per liter, the Vietnam News Agency said.

 

This is the sixth petroleum price reduction in the Vietnamese market since the government’s decision to grant price defining authority to petroleum traders from September 16.

 

The ministry also decided to double petroleum import tax to 10 per cent from current 5 per cent, and hiked import tax on kerosene to 15 per cent from current 10 per cent and mazut to 15 per cent from zero percent in a bid to boost state budget as economic difficulties are putting pressure on the state coffer, the Vietnam News reported.

 

The country is estimated to have spent US$10.25 billion importing 11.05 million metric tons of petroleum products in Jan-Oct, up 71.1 per cent on year in value and 5.3 per cent in volume. (Local sources)