The retail price of A92 unleaded gasoline was cut by 500 VND (2 cents USD) to 23,300 VND (1.12 USD) per litre at 10pm on May 9.

Diesel was slashed by 300 VND to 21,600 VND (1.04 USD) per litre.

Minister of Finance Vuong Dinh Hue affirmed the move, noting that the prices of kerosene and mazut remained unchanged at 21,400 VND (1.03 USD) and 19,200 VND (0,92 USD) per litre, respectively.

Hue said the decision to cut prices, which aimed to assist production, business activities and people's lives, was made after representatives from the finance and industry and trade ministries and Government officials met on May 9 afternoon.

This is the first petrol price reduction this year, after prices were raised twice in March and April to help petrol enterprises cut losses in the face of global price hikes, with a total increase of up to 3,000 VND (14 cents) per litre.

World petrol prices began to ease from the latest domestic price adjustment on April 20.

According to the Vietnam National Petroleum Group (Petrolimex), the price of Ron 92 gasoline in Singapore — a major market for Vietnam's petrol exports — declined to 121.6 USD per barrel on May 9, a fall of 5 per cent from the price on April 20.-VNA