Ministry of Finance and Ministry of Industry and Trade announced to reduce VND500 a liter of gasoline from 6pm November 11th, 2012.

The reason for unexpected move of price is due to the favorable market conditions as well as the decrease of world prices in the first half of November.

According to estimate, the 30-days average price of Ron 92 gasoline (since October 13th) currently is VND522 a liter higher than base price. The base price is estimated with import price, import tax, cost and fixed profit.

After an adjustment, Ron gasoline price downed to VND23,150 a liter from VND23,650 a liter; Mazut 3,5 S price lowered to VND VND18,150 a liter from 18,650 a liter. Price of other products also reduced the same level.

For price from Stabilization Fund of fuel, Ministries decide to bring to zero from VND300 a liter for diesel and to zero from VND500 for kerosene.

Ministries added that they continue to operate fuel price under the market mechanism with the management of the State. In addition, they continue to watch closely the moverment of world prices for appropriate price adjustment of retail price in domestic market.

Xangdau.net