HCMC – The Ministry of Finance on Thursday revised down fuel prices, with the standard gasoline type A92 marking down by VND700 to VND21,200 per liter.
By Minh Tam - The Saigon Times Daily
HCMC – The Ministry of Finance on Thursday revised down fuel prices, with the standard gasoline type A92 marking down by VND700 to VND21,200 per liter.
Meanwhile, the price of diesel oil is down by VND400 to VND20,100 a liter while kerosene and fuel oil are cut by VND350 and VND300 to VND20,050 and VND17,950 respectively. The price cuts, effective from 4:00p.m. on Thursday, are attributed to continuously falling world oil prices.
This is the fourth consecutive time that fuel prices have been slashed since early May with an aggregate price decline of VND2,600 per liter of gasoline.
This is aimed at making local fuel prices move in sync with world market movements, according to the Ministry of Finance.
The wholesale fuel price in the Singapore market on Wednesday stood at US$98.8 a barrel, down over US$8 from a fortnight ago. A downturn in world oil prices enables local fuel wholesalers to earn larger profits and edge up their discounts for sales agents.
The ministry did not reveal the specific difference between the base and sale prices but said the difference has now been converted into the price cut alongside the reinstatement of the import tariff.
The ministry has raised the import tariff on gasoline to 10% from 7% while that of diesel oil, kerosene and fuel oil will increase by 2 percentage points to range between 8 and 10%. The new tax rate took effect for shipments cleared from on Thursday.