Ministry cuts fuel prices, 2nd time in May

May 24, 2012 | 09:49

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Retail prices of petrol and oil in Vietnam were down by VND300 – 600 a liter as from 3:30pm on May 23, according to the Ministry of Finance’s Circular No 216.

fuel

Retail price of A92 gasoline dropped by VND600 a liter from VND23,00 to VND22,700 ($1.08) a litre.

Diesel oil price was reduced from VND21,600 to VND21,200 a litre.

Fuel oil and kerosene both declined by VND300 to VND18,900 a kg, and VND21,100 a litre, respectively.

This is the second retail price cut this month, following the VND300 per liter reduction on May 9.

The domestic retail price cuts were imposed following a constant downward trend in global fuel prices.

Prices of A92 gasoline in Singapore, Vietnam’s main fuel supply, in the first half of this month fell sharply by 8.65 per cent month on month, according to Petrolimex, the country’s largest fuel wholesaler.

Following the global slump, local fuel wholesalers have reaped fat profits worth more than VND1,000 a litre, and have thus increased commissions for their dealers.

Fuel prices have been hiked two times so far this year, gaining totally VND3,000 a litre. The latest increase occurred on April 20.

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