Following months of keeping its fuel prices high despite steady decreases in global rates, Vietnam cut them by VND111-1,198 per liter on Thursday.

The new prices have been applicable since 3:00 pm that day, according to the Ministry of Industry and Trade and the Ministry of Finance.

RON92 and E5 fuel rates fell by VND1,198 per liter, sold at no more than VND17,338 a liter for the former and VND16,843 a liter for the latter.

Diesel 0.05S prices went down by VND111 and is now available for sale at no higher than VND13,310 per liter, kerosene at no more than VND12,286 per liter, and fuel oil 180CST 3.5S at no more than VND9,351 per liter.

In several recent months, global oil prices have kept decreasing but Vietnam decided to keep its rates almost unchanged and hiked environmental tax from VND1,000 to VND3,000 dong per liter on May 1.

Vietnam has to import 70 percent of its fuel demand, mostly from Singapore, or some 38 million liters of fuel on a daily basis, to meet the demand of its population of 90 million people.

On average, each Vietnamese uses 0.42 liters of fuel daily.

A U.S. dollar equals around VND22,500.

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