Fuel prices dip again

02-Nov-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

The local market today, October 31, recorded the second consecutive drop in fuel prices this month, with prices falling by VND120-VND350 per litre or kilogram.

The price fall took effect from 3 p.m. today after the national fuel price stabilisation fund was applied to work out the prices, according to an announcement jointly released by the ministries of Industry and Trade and of Finance.

Local fuel traders were required to extract VND100 for each litre of bio-fuel E5 RON92 or diesel oil sold to customers to replenish the fund. The respective extraction rates for each litre/kilogram of RON95 petrol, kerosene and heavy fuel oil sold were VND300, VND200 and VND700.

Meanwhile, they were not allowed to tap the fund.

Accordingly, the fund has been increased to prepare for stabilising local oil and gas prices during the final months of the year and the upcoming Tet holiday. There is a gap between the prices of bio-fuel E5 RON92 and RON95 petrol to encourage the use of the bio-fuel among consumers.

Overall, RON95-III gasoline fell VND350 per litre to the ceiling price of VND20,445. Bio-fuel E5 RON92 dropped by VND218 per litre and is traded no higher than VND19,252.

Besides this, diesel oil 0.05S, kerosene and heavy fuel oil declined by VND166, VND121 and VND299 per litre or kilogram to VND16,057, VND15,137 and VND12,517, respectively.



Category: Business, Vietnam

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