The Ministry of Industry and Trade and the Ministry of Finance cut prices of petrol, kerosene and oil on the domestic market on July 2 following a fall in world prices.
The price dropped by VND600 per litre to VND20,600 for A92 petrol, by VND300 per litre to VND17,650 for fuel oil, by VND200 per litre to VND19,900 for diesel oil, and to VND20,050 for kerosene.
Tran Ngoc Nam, deputy general director of the Vietnam National Petroleum Group (Petrolimex), said on the world market, the price of crude oil fell by 1.73 per cent to $83 per barrel on July 2 against the previous day, the lowest rate since April last year.
The latest reduction was the fifth time since the beginning of the year. The previous fall was on June 21.
The two ministries decided to maintain the VND300 per litre contribution of petrol companies to the petrol price stabilisation fund.
The ministries plan to increase the import tax for petrol and oil products by 2 per cent in the future.