Vietnam cuts diesel prices, gasoline prices unchanged

As world oil prices continue to fall, Vietnam Wednesday cut the retail price of diesel by 8.3 percent but left gasoline prices unchanged, the Price Management Department under the Ministry of Finance said.

The price of diesel fell to VND11,000 (US$0.66) per liter from VND12,000 ($0.73), after the ministry approved a proposal from state-owned Petrolimex, which meets 60 percent of the domestic demand for petroleum products, to cut prices to boost demand. The most popular type of fuel, 92-octane gasoline, will continue to retail for VND12,000 a liter. Oil prices have tumbled more than 74 percent from a record of more than $147 a barrel on July 11. 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 be operational next February. Reported by Ngan Anh