Vietnam’s gas prices drop again following global trend
Vietnam on Thursday cut gasoline prices for the fourth consecutive time since mid October, this time by 1.5 percent.
The retail price for the most popular grade 92-RON was reduced by VND258 to VND16,790 (US$0.75) per liter and its biofuel alternative E5 received a similar price cut to sell at VND16,300.
Diesel dropped 2 percent to VND13,230 a liter and kerosene 3.5 percent to VND12,200.
Vietnam reduced gas prices by 1 percent on November 18 and did it again Thursday as global prices have been going down the past two weeks.
Fuel price hikes or cuts have to be at least 15 days apart, according to a rule that was introduced late last year.
Vietnam has hiked gasoline prices six times and cut them 11 times this year. Compared to a year ago, gas prices have fallen 6 percent.
Gasoline retailers are still making huge profits despite the decline.
A recent report from the biggest gasoline retailer Petrolimex showed that it posted a net profit of VND2,135 billion, or more than US$94 million, during the first nine months, almost twice the number of the same period last year.
Báo Thanh Niên English