The retail price of A92 gasoline was cut by VND500 (US 2 cents) to VND23,300 (US$1.12) per litre at 10pm yesterday.

Diesel was slashed by VND300 to VND21,600 ($1.04) per litre.

Minister of Finance Vuong Dinh Hue affirmed the move, noting that the prices of kerosene and mazut remained unchanged at VND21,400 ($1.03) and VND19,200 ($0,92) per litre, respectively.

Hue said the decision to cut prices, which aimed to assist production, business activities and people's lives, was made after representatives from the finance and industry and trade ministries and Government officials met yesterday afternoon.

This is the first petrol price reduction this year, after prices were raised twice in March and April to help petrol enterprises cut losses in the face of global price hikes, with a total increase of up to VND3,000 (14 cents) per litre.

World petrol prices began to ease from the latest domestic price adjustment on April 20.

According to the Viet Nam National Petroleum Group (Petrolimex), the price of Ron 92 gasoline in Singapore — a major market for Viet Nam's petrol exports — declined to $121.6 per barrel yesterday, a fall of 5 per cent from the price on April 20.

Source:  VNS