Gasoline falls by another 10 UScent per litre in Vietnam

January 21, 2015 | 16:35

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The Ministry of Industry and Trade and the Ministry of Finance today approved gasoline sellers in Vietnam to reduce the retail price by about VND2,000 (9.4 UScent) per litre according to thanhnien newswire.

Photo source Zing.vn

Accordingly, by 4 pm on January 21 the price of RON92 is going to decrease by at most VND1,897 per litre, that of diesel VND1,459 per litre, fuel oil VND1,494 per litre and mazut oil VND1,078 per kilogram.

This is the second consecutive decrease in the price of fuel in 2015 and the 17th consecutive time since mid-July 2014. According to the Ministry of Industry and Trade, the domestic price of fuel is still higher than that in other countries in the regions because various taxes make up 35-40 per cent of it.

World oil prices fell again on Tuesday on concerns about low demand amid weak global economic growth. On Monday, the International Monetary Fund downgraded its global economic outlook by 0.3 percentage point to 3.5 per cent. On Tuesday, China, the world’s second biggest oil consumer and top importer of oil, reported its slowest growth in a quarter century.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has no immediate plan to cut its output target for crude oil.

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