The Ministry of Trade announced a decision cutting fuel retail prices on January 13, just three days after the Ministry of Finance revised up the import duty on fuel from 10% to 15% as world oil prices are declining.
New fuel prices, effective immediately, are 400 per dong litre lower than before, instead of t he widely expected cut of 500 dong. A92 gasoline now sells for 10,100 dong a litre, A90 fore 9,900 dong and A83 for 9,700 dong.
The ministry’s decision allows oil products traders to increase fuel prices by 2% in rural areas where the cost of fuel transport is higher.
The ministry attributed the price cut to the strong fall in world oil prices, which have been hovering around 53-55 per dong barrel.