Domestic retail prices of gasoline and oil products in Vietnam were revised down by VND340-VND1,050 (US$0.01-0.04) per liter or kilogram at 3:00 pm on Monday, according to an announcement jointly released by the Ministry of Finance and the Ministry of Industry and Trade.
Bio-fuel E5RON92 and the popular RON95 gasoline now sell for VND22,270 ($0.9) and VND23,530 ($0.96) per liter, dipping VND340 ($0.01) and VND400 ($0.01), respectively.
The price of diesel oil is capped at VND20,888 ($0.85) per liter, down VND1,050 ($0.04) while that of kerosene oil dropped by VND790 ($0.03) per liter to VND21,510 ($0.87).
Besides, each kilogram of heavy fuel oil is offered at VND15,620 ($0.63), edging down VND620 ($0.02).
During this fuel price adjustment, the two ministries did not allow fuel traders to tap the national fuel price stabilization fund, nor impose surcharges on gasoline and oil products.
Since July 3 this year, petrol prices have been revised 13 times in the local market, with nine hikes and three cuts.
The Ministry of Industry and Trade said that the global fuel prices have been impacted by several factors, including conflicts in the Middle East, tightening fuel supplies after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year, and fluctuations in the U.S. dollar.