VietNamNet Bridge – Petroleum prices in Viet Nam are lower than those in its neighbouring countries like Laos, Cambodia, and even China, according to the Ministry of Industry and Trade (MoIT).
Petrol prices were cut five times in succession due to declining costs of crude oil and petrol in the global market.
So far, domestic oil prices are kept in line with market fluctuations and Decree 83/2014/ND-CP on petrol and oil trading.
Especially, retail oil prices in Viet Nam are not high in comparison with those in neighboring countries.
Statistics before September 3 showed that Viet Nam ranked 47th in terms of retail oil prices out of 174 countries and territories, behind Laos, Cambodia, and China.
The MoIT assessed that oil price adjustments to global fluctuations are needed.
It, however, warned that if domestic prices fall extremely low, more illegal trading of petrol is likely to occur.