Hanoi (VNA) - Retail fuel prices in Vietnam were sharply cut from 22:00 on March 11 after authorities tapped the petrol price stabilisation fund to curb costs amid volatile global markets.
According to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, the price of RON95-III petrol – the most widely used grade – fell by 3,880 VND to 25,240 VND (0.95 USD) per litre.
E5 RON92 biofuel also dropped by 3,620 VND to 22,950 VND per litre.
Oil products were reduced by between 4,240 VND and 7,970 VND per litre or kilogramme, depending on the product. Diesel now costs 26,470 VND per litre, kerosene 24,410 VND per litre and mazut 19,000 VND per kilogramme.
The adjustment marks the second time in more than three years that the Government has deployed the fuel price stabilisation fund within just two days. Under the mechanism, the fund is used at 4,000 VND per litre for petrol, kerosene and mazut, and 5,000 VND per litre for diesel.
At a meeting with the national energy security task force on March 10, Prime Minister Pham Minh Chinh approved the immediate use of the fuel price stabilisation fund from March 11.
Authorities have also moved to secure supply. Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said the Government had mobilised about four million barrels of crude oil from partners, enough to cover roughly 30–45 days of domestic demand depending on refinery output and domestic consumption.
To support the market, the most-favoured nation import tariff on petrol and some blending materials has been cut to zero. Meanwhile, the Ministry of Finance is proposing to reduce the environmental protection tax on petrol and oil to zero from March 12, which could lower retail prices by around 1,000–2,000 VND per litre./.
VNA
