Vietnam sees third petrol price cut in August

Vietnam sees third petrol price cut in August

Nhan Dan Online – The retail prices of petrol have been slashed by a further VND470 per litre, the third consecutive cut in August.

Oil product importer, Petrolimex announced that it began cutting a litre of RON92 petrol, the most common type of fuel for motor vehicles in Vietnam, to VND23,740 from 12pm on August 29.

Similarly, a litre of RON95 petrol is now priced at VND24,340.

This round of cuts also see diesel and kerosene down by between VND160 and VND180 per litre, depending on the variety, and mazut cut down by VND60 per kilogram.

The move came following a joint order by the Ministry of Finance (MOF) and Ministry of Industry and Trade, requiring fuel distributors to cut their retail prices, as the prices of refined oil products on the world market continued to decline.

According to MOF, over the past 30 days, a barrel of RON92 petrol went down 2.21%, 0.05S diesel down 0.76%, kerosene 0.88% and mazut 0.35%.

Since July 28, petrol prices have been cut four times by a total of VND1,900 per litre.

Last week, the General Statistics Office announced that Vietnam’s inflation in August eased to 4.73%, partly helped by recent petrol price cuts.

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