The interministerial alliance of Finance and Industry and Trade today imposed a cut on oil and petrol retail prices – the third consecutive one since early May, while also increased import duties on the commodities.
Starting 2pm today (June 7), retail price of A92 gasoline was slashed by VND800 to VND21,900 a liter. ($1 = VND20,800)
Diesel oil and kerosene both dropped by VND700 to VND20,500 a litre, and VND20,700 a litre, respectively, while fuel oil declined by VND650 to VND18,250 a kg.
The ministries also increased the import duties on oil and petrol by 3 percentage point to 7 per cent.
The cut on domestic fuel retail prices is seen as an inevitable move as global prices have repeatedly slumped over the last 30 days.
Oil price in London closed yesterday session at $85.39 a barrel, up by 2.23 per cent, which was only $2.08 a barrel higher than the bottom it reached on June 1.
Retail fuel prices in Vietnam have been hiked two times so far this year, in early March and late April, gaining a total of VND3,000 a litre.
Along with the global downward trends, three price cuts, including the latest one today, have also been released, contributing to reduce prices by VND1,900 a litre.
The other two price cuts fell on May 9 and 23.