Thursday, August 17, 2017 - 11:05:36

Price of petrol and diesel down

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The retail price of petrol is slashed by 800 VND (4 cents USD) to 21,900 VND (1.1 USD) per litre at 2pm on June 7 in accordance with the continuous drop in world prices, the Ministry of Finance reports.

In addition, the price of diesel and gasoline is cut by 700 VND per litre to 20,400 VND and Mazut by 650 to 18,250 VND per kg.

This is the third petrol price reduction of the year after prices were raised twice in March and April at a total of up to 3,000 VND (14 cents USD) per litre. The first and second petrol price reduction came to 500 VND and 600 VND in May.

The ministry said the reduction aims to ensure the rights and interests of consumers, the State and enterprises. On June 4, the import price of A92 petrol is cut to 104.91 USD per tank, a reduction of 22-24 USD compared with one month ago, while gasoline fell by 109.91 USD per tank. Prices were reported to have fallen since the end of May.

The import tax on petrol has been increased by 4 percent, diesel by 3 percent, while gasoline and mazut by 5 percent. The ministry said the continuous reduction of the world petrol price is a favourable condition to recover import tax while lovering domestic retail prices.

The ministry proposed to offer 300 VND per litre in support from the Price Stabilisation Fund.
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