Vietnam lowers diesel prices

Vietnam Monday cut retail diesel prices by 1.8 percent to VND10,500 (61.8 US cents) per liter, in a move to help firms, especially transportation companies, cut operation costs.

The price cut took effect immediately, according to the Ministry of Finance. Prices of gasoline and kerosene remained unchanged at VND11,000 and VND12,000 per liter respectively. Vietnam exports about 16 million tons of crude oil each year but has to import all refined oil products. The country’s first oil refinery, Dung Quat, in central Quang Ngai Province, is scheduled to open later this month. Reported by Ngan Anh