Vietnam to cut gasoline prices by 7.1%

Vietnam will cut gasoline prices by about 7.1% from Saturday following lower world crude oil prices, state-run television reported on Friday.

The Ministry of Finance and the Industry and trade ministry have approved a proposal by oil product distributors to reduce retail prices of the popular 92-octane gasoline to 13,000 dong (US$0.80) per litre from 14,000 dong per litre now from Saturday.

Diesel prices will stay unchanged at 13,000 dong per litre, VTV 1 quoted the two ministries as saying.

The finance ministry will also raise tariffs on gasoline imports to 25% from 20% now and fuel oil imports to 25% from 15% now, effective from November 18, the online newspaper VietnamNet (vietnamnet.vn) quoted a ministerial directive as saying.

Vietnam last cut retail petrol and diesel prices by up to 7.2% last Saturday after world oil prices fell to around US$60 a barrel.

Lower oil product prices would help Vietnam control inflation, in double digits since last November. Hanoi has forecast inflation this year at 24%, nearly double last year’s rate of 12.6%.

 

Category: ResourceAsia