Fuel prices cut twice in 2 days

Vietnamese fuel traders Sunday lowered retail prices of gasoline by 3 percent, in response to falling global prices, according to a press release from the Ministry of Finance.

Diesel was cut by 3.3 percent and kerosene by 3 percent. The most popular 92-octane gasoline now retails at VND15,500 ($0.94) per liter, down from VND16,000 while 95-octane gasoline is now VND16,000 ($0.97) per liter, down from 16,500. The retail prices of diesel and kerosene have been reduced to VND14,500 ($0.91) and VND16,000 ($0.97) per liter respectively. The cut came as quite a surprise after traders had already slashed gasoline prices by 3 percent on Friday. Diesel had been cut by 2 percent that day. Vietnam, Southeast Asia’s third-largest crude oil producer, still imports most of its oil products due to a lack of refineries. Its first oil refinery in the central province of Quang Ngai is expected to go on stream next February. Reported by Ngan Anh