Petrol wholesalers have lowered their fuel prices by as much as VND600 per litre at the request of the Ministry of Finance and the Ministry of Industry and Trade on August 18.
Buying gasoline
The Ministry of Finance and the Ministry of Industry and Trade asked traders to revise their calculation methods in order to decrease prices. At the ministries’ request, the price of RON92 gasoline will be no higher than VND24,218 per litre, diesel ceiling is VND22,095 per litre, VND22,259 for kerosene and VND18,389 for mazut.
The Viet Nam National Petroleum Group (Petrolimex) has reduced the price of RON 92 gasoline to VND24,210 (USD1.01) per litre.
The ministries also asked fuel companies to stop using the price stabilisation fund. According to the Ministry of Finance, prices on the international market have been decreasing since July 19. Since the world average, used for retail price calculation, was reduced, the wholesalers were making profits of VND592 per litre.
This is the third time fuel prices have reduced in the last weeks. On July 28, consumers were surprised by the first price cut of more than VND300 per litre. On August 7, the ministries again reduced retail prices by VND500 per litre.
Fuel prices cut for the third time Related image(s)
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