The price of RON 92 gasoline was slashed by 500 dong (2 US cents) to 23,150 VND (USD 1.1) per litres on November 11 evening in accordance with a joint decision by the Ministries of Industry and Trade and Finance.
A similar cut was also applied for the price of mazut oil, which now costs 18,150 VND (0.86 USD) per litre.
Global petrol prices had continued to decline this month, and advantageous market developments facilitated the moves, the ministries said.
For the past month, the average retail price of RON 92 was about 522 VND higher than basic prices calculated by enterprises.
Diesel and kerosene prices remained unchanged while enterprises continued to suffer losses, but the ministries have asked them to stop using the price stabilization fund to subsidise the two commodities, which have seen subsidy levels of 300 VND and 500 VND per litre respectively.
The ministries said they will continue to closely observe global petrol price developments and will ask local retailers to reduce prices in suitable conditions in order to assure consumer interests.
Since the beginning of this year, domestic petrol prices have been increased six times with a total rise of 6,050 VND (0.29 USD), and also cut six times with a cumulative decline of 3,700 VND (0.17 USD).
In a report to the National Assembly, Minister of Finance Vuong Dinh Hue said financial authorities were examining the results of inspections of key petrol dealers implemented this year, and would punish those who violated regulations related to prices, taxes and agent bonuses.-VNA
A similar cut was also applied for the price of mazut oil, which now costs 18,150 VND (0.86 USD) per litre.
Global petrol prices had continued to decline this month, and advantageous market developments facilitated the moves, the ministries said.
For the past month, the average retail price of RON 92 was about 522 VND higher than basic prices calculated by enterprises.
Diesel and kerosene prices remained unchanged while enterprises continued to suffer losses, but the ministries have asked them to stop using the price stabilization fund to subsidise the two commodities, which have seen subsidy levels of 300 VND and 500 VND per litre respectively.
The ministries said they will continue to closely observe global petrol price developments and will ask local retailers to reduce prices in suitable conditions in order to assure consumer interests.
Since the beginning of this year, domestic petrol prices have been increased six times with a total rise of 6,050 VND (0.29 USD), and also cut six times with a cumulative decline of 3,700 VND (0.17 USD).
In a report to the National Assembly, Minister of Finance Vuong Dinh Hue said financial authorities were examining the results of inspections of key petrol dealers implemented this year, and would punish those who violated regulations related to prices, taxes and agent bonuses.-VNA
